Jones Lang LaSalle is merging its Swedish operations with Tenzing with immediate effect to create one of the country’s largest commercial real estate services advisor groups.
Jones Lang LaSalle is merging its Swedish operations with Tenzing with immediate effect to create one of the country’s largest commercial real estate services advisor groups.
Jones Lang LaSalle is acquiring Tenzing, a Swedish specialist in property investment advice, in a deal that also sees Tom Lindahl, CEO of Tenzing, become JLL’s new head of Capital Markets in Sweden.
The new combined business has over 70 employees in Sweden, with offices in Stockholm and Gothenburg.
Financial details were not disclosed.
Tenzing, which has been seeking to build on its own leading position and depth of market knowledge in real estate investment advice across Sweden, said that it sees JLL’s closely integrated global platform and international clientele as the ideal way forward.
JLL has been looking to continue growing its capabilities across Sweden, particularly in the country’s capital markets arena which consistently features in Europe’s top five by transaction volume.
'Putting Tenzing’s strong team with its deep local market knowledge together with JLL’s access to international capital will create really exciting new opportunities for our clients,' commented Daniel Gorosch, managing director of JLL Sweden. 'There is a close cultural fit and we have very similar ways of doing business.'
JLL’s head of EMEA Capital Markets, Richard Bloxam, said the deal will also allow JLL to provide debt advisory services to clients active in Sweden, as it does throughout EMEA. 'There is also a great fit between Tenzing’s residential business and our increasingly strong residential capabilities around the world,' it added.