The Evening Standard has an interesting little article on the JLL/KS merger, and then hints that other deals could be in the offing. It says that while CBRE claims the deal happened for more than they thought advisable, that further action could be on the way.
The combined operation has overtaken CBRE as the largest firm in the UK and the rest of Europe. JLL will have 2600 employees in 34 offices in the UK and a total of 5300 staff in 103 offices across Europe. Aggregated UK revenues are £315 million and £630million across Europe, pipping CBRE’s £570 million.
But it’s possible that CBRE will strike back. There were signs this week that a firm similar to King Sturge wants to sell. It was mooted here on May 20 that GVA was being talked of as the next target. Now it appears the 1100-strong firm, 22%-owned by Lloyds’ venture capital arm, has started talking to others.