JLL acquires Cobertura to expand resi business in Portugal

Real estate agent JLL has announced the acquisition of Portuguese residential agency Cobertura as part of its strategy to target complementary high-margin businesses with added value and no operational overlap.

Established in 1987, Cobertura has a strong track record in prime markets across Portugal, with a particular strength in high-end apartment sales. It has 20 full-time employees and an additional network of 25 specialist residential advisors.

The acquisition takes immediate effect with Cobertura SA being fully rebranded as JLL by mid-2016, with the combined business continuing to operate from the existing JLL and Cobertura offices in central Lisbon and Sintra.

'Cobertura impressively maintained its position in the country’s top four in competition with larger international networks,' said Guy Grainger, JLL’s EMEA Management Board sponsor for Residential services. 'The combination of JLL’s global platform with Cobertura’s specialist local market knowledge is a really exciting fit with considerable growth potential.'

Pedro Lancastre, managing director of JLL Portugal, added: 'Since JLL entered the residential market in Portugal early last year, our team led by Patricia Barão has achieved great growth momentum winning some terrific mandates, notably here in Lisbon. Putting that together with Cobertura’s very well established business, extensive client base and outstanding market knowledge, we have a powerful business combination with real competitive advantage, positioned to deliver excellent advice and results for our clients.'

In 2014, JLL added to its residential capabilities in the UK with the acquisition of West London specialist WA Ellis, while in November 2015 the firm expanded its residential services to Ireland with the acquisition of Dublin-based Guardian Property Management.

Overall, JLL’s commercial and residential real estate advisory business in Portugal now employs more than 150 people.