Newsec acquires JLL's Swedish property management operations

Newsec has signed an agreement to acquire the Swedish property management operations of Jones Lang LaSalle.

JLL's Swedish property management operations were formed in 2000, and boast major clients including AXA, Grosvenor, Henderson and IVG.

The unit specialises in retail properties, which account for approximately three quarters of the managed portfolio that totals about one million m2. The acquired operations will be consolidated in Newsec effective 2 September 2013.

'The transaction should be viewed as a key feature of our ambition to become the long-term market-leading partner of choice in the field of commercial property management, not least in respect of international customers,' said Björn Lindeborg, managing director of Newsec Asset Management.

As a result of the merger, Newsec staff will take on JLL's 60 employees which will add to the company's existing 400-people strong workforce.

Following the transaction, Newsec Asset Management will manage a total of more than 1,500 properties in the Nordic region, including 60 shopping centres, spread over a surface area exceeding 11 million m2.