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.
Posted in Agency
Tagged Agency, CBRE, JLL
It’s a topic that’s been coming up for a while now, though there doesn’t seem to have been much in the way of transactions to back it up. But it’s no longer just agents in Budapest that are saying the city has some good buys these days. It even came up at CEDEP yesterday, a part of a discussion about whether Warsaw is overheating. It’s certainly more expensive in the Polish capital, but then prime rents for the best office space is over €20 per sqm. That certainly puts a discussion we had at CEDES in Bratislava into a bit of perspective, since rents there are usually about €10 less, barring Eurovea.
Jos Tromp of CB Richard Ellis gave a typically insightful romp through CEE investment, and while Poland was the focus of the day, we were struck as well by the suggestion that Budapest is being given a look these days given the difference in price now available. Check out the chart attached (click it to study closer). The note of caution, though, is that market liquidity is key. Warsaw’s just got it, at least at the moment. Budapest simply doesn’t. For now.
Interested in comments on any of this, as usual….
-Jones Lang LaSalle shares hit a 52-week high
-ECM Real Estate going rather the other direction
-CB Richard Ellis says “first-quarter deal volumes in the UK, Germany, and France rose by 18-39 percent. Those in Italy and Central and Eastern Europe rose by 75 percent and 197 percent respectively…”
Posted in news
Tagged CBRE, ECM, JLL, news
CB Richard Ellis has appointed Razvan Iorgu as its new managing director in Romania, promoting him from the position of COO and replacing Radu Lucianu. Razvan is a veteran of the company, having joined CBRE in 2001.
“Our Romanian business has grown in market share and significance in the region since our acquisition of Eurisko in 2008, broadening our platform and the service we offer to clients,” said Mike Strong, Chairman & CEO – EMEA, CB Richard Ellis.
ING has reached agreement to sell the majority of its ING Real Estate Investment Management business (ING REIM) in two separate transactions for a combined price of approximately USD1bn (€770m). As part of the overall transactions, ING has also agreed to sell up to approximately USD100m of its equity interest in existing ING REIM funds.
ING has entered into an agreement with CB Richard Ellis Group, Inc., to sell ING REIM Europe, ING REIM Asia and Clarion Real Estate Securities (CRES), ING REIM’s US-based manager of listed real estate securities, as well as part of ING’s equity interests in funds managed by these businesses. The proceeds for these REIM businesses and the equity interests amount to approximately $1bn.
ING REIM Europe, ING REIM Asia and CRES combined have €44.7bn in assets under management as of 31 December 2010. Continue reading
Bloomberg is running a long, interesting piece on Poland’s property market, which highlights findings by CB Richard Ellis that over half of all CEE investments in the third quarter took place there. It’s choc-full full of useful numbers (investment quadrupled this year compared to 2009 to €1.45bn) along with a mess of Poland-friendly quotes.
“If I had only one country in Europe in which to put my money, it would be Poland,” said Martyn McCarthy, chief executive officer in Europe for Sydney-based Valad Property Group. Valad manages a fund owning six Polish industrial sites.
There were some dissenting voices, though…
CB Richard Ellis has appointed Colin Waddell as managing director (MD) of the company’s Polish office.
With CBRE since 2000, Colin rose to managing director of its Czech office in 2003. In 2007, he became MD of the CEE region, with a particular focus on the company’s cross-border services and its expansion further east.
Charlie Wardroper, currently Managing Director (MD) of CBRE Poland, will be leaving the business to return to the UK, having taken over the role in January 2009.
“Colin has already made an important contribution to the development of our CEE business and has the skills and expertise to drive forward the Polish business. Poland is currently an important market within Europe and now a core market for many international investors – recently accounting for more than half of Q3 investment total for CEE,” said Andreas Ridder, CBRE’s CEE chairman, as quoted in company’s press release.
Colin will be based in the company’s Warsaw office and his new appointment takes effect November 2010.