JLL strengthens position in Dutch market with takeover

Jones Lang LaSalle (JLL) has shaken up the Dutch property advisors sector with the acquisition of local broker Troostwijk Makelaars. The new combination is by far the largest advisor in the Dutch investment market with a strong network of offices in the Randstad conurbation encompassing Amsterdam and Rotterdam. The move will also boost JLL’s presence in the leasing sector. Financial details were not disclosed.

Up to now, JLL on its own was the number two property advisor in the country while Trooswijk ranked fourth, according to the latest survey by Dutch magazine PropertyNL, the sister publication of PropertyEU. Together JLL and Troostwijk had a combined volume of EUR 2.5 bn in 2006. The takeover also creates a giant in the Dutch office market as the two firms were responsible for 600,000 m² of office transactions last year, bringing the combined organisation closer to market leader DTZ Zadelhoff (900.000 m2). Following the takeover, JLL has a rental portfolio of more than 2 million m² in the Netherlands.

‘The combination with Troostwijk Makelaars in the Netherlands fits into JLL's ambitious plan to double turnover worldwide in the coming three years,' noted Eric de Clercq Zubli, managing director of JLL Netherlands. ‘By merging our operations, we will be able to offer our clients the certainty that they are doing business with a strong professional party who can guarantee full independence,’ added Marijn Snijders of Troostwijk. Snijders will head the new combine.

Troostwijk Groep said the sale of its brokerage arm will allow it to focus on its core valuation activity while Troostwijk Makelaars will be able to grow internationally. The 150-strong team of JLL Netherlands and Troostwijk Makelaars's 75 staff will be combined under the name JLL Netherlands. The merger process is expected to be completed on or before 1 January 2008.

Separately, Norwegian financial services group DnB NOR has put forward an offer to acquire the shares of Swedish real estate broker Svensk Fastighetsformelding for SEK $440 mln (EUR 47.8 mln). Noting that the board of the Swedish company is recommending the offer, DnB NOR said a takeover would create the most extensive real estate brokerage network in the Nordic region. Svensk Fastighetsformelding sells 30,000 homes a year.