German residential specialist Zabel Property has been taken over by JLL Deutschland.
Berlin-headquartered Zabel Property specialises in the sale of residential properties in German cities to international and domestic buyers. The company also advises developers on the conception, marketing and sale of their projects and, if necessary, assumes the entire project management. With 270 apartments sold to buyers from 28 nations, the company generated a transaction volume of around €118 mln and a fee volume of around €9 mln in 2015.
Zabel's largest ongoing mandates include the exclusive sale of Frankfurt's 'Grand Tower' units (pictured) as well as buildings in the city's Stiftstraße. Grand Tower is the highest residential property in Germany with around 400 apartments.
'With the takeover, JLL is continuing its strategy of selective growth in identified, future-oriented business segments. The urbanisation trend that is being observed all over the world and in Germany also makes residential real estate an extremely interesting growth area for our company,' commented Frank Pörschke, chairman of JLL Deutschland's management board. 'In the UK, JLL has successfully established this business model for many years and we also look forward to excellent market opportunities in Germany's major cities.'
Thomas Zabel will continue to lead the company's activities under the umbrella of JLL and will work closely with Rüdiger Thräne, a member of the board in Germany and regional manager Berlin at JLL, as well as Konstantin Kortmann, JLL's chief of residential investment for Germany.
Zabel Property's employees will be taken over by JLL without exception, according to the company. The Zabel brand will be transferred to the JLL brand after a transitional period, in line with JLL philosophy.
Legal matters were executed by GSK Stockmann + Kollegen (JLL) and DLA Piper and MMWarburg & CO (Zabel Property).
The approval of the German competition authorities is pending.
