JLL has announced the acquisition of AVM Partners, a major Istanbul-based retail management and leasing business, creating a 'clear market leader' for retail real estate services across Turkey, the US-based agent said in a statement.
JLL has announced the acquisition of AVM Partners, a major Istanbul-based retail management and leasing business, creating a 'clear market leader' for retail real estate services across Turkey, the US-based agent said in a statement.
The acquisition takes immediate effect with AVM Partners being rebranded as JLL. The combined business will operate from both the existing JLL and AVM Partners Istanbul offices.
Overall, JLL Turkey now employs more than 500 people and manages more than 1 million m2 of shopping centres and other retail real estate across the country.
Robert Bonwell, JLL’s CEO EMEA Retail said there is 'a terrific fit' between the two teams. 'We have long admired and respected the way AVM Partners has built its business across Turkey. We share a vision for the continued strong growth of retail real estate markets across the country and beyond in this part of Europe,' added Avi Alkas, chairman and CEO of JLL Turkey.
'We’ve been delighted with the strong and sustained success of AVM Partners as an independent provider, but we decided the logical next strategic growth step for AVM Partners was to find an international partner to help further enhance our client services and reach,' noted Aydin Yurdum, Tarkan Ander and Dora Sahintürk, managing partners of AVM Partners and now members of the JLL Turkey Legal Executive Board.
