The acquisition, which is scheduled to close on 3 March 2008, is the latest in a wave of merger and acquisition activities by Jones Lang LaSalle in Australia and the wider Asia Pacific region. Last month, the firm acquired the commercial arm of leading Newcastle agency, Creer Property in Australia, which cemented its position as one of the largest commercial property firms in the Newcastle and northern New South Wales region. In early February, Jones Lang LaSalle acquired Sallmanns in Hong Kong/China to form a subsidiary business entity called Jones Lang LaSalle Sallmanns, which will be a specialist provider of IPO, M&A and Financial Valuations in Asia Pacific with an initial focus on the Greater China region.  

Mr Peter Barge, Asia Pacific Chief Executive Officer, Jones Lang LaSalle says, “Since 2006, the firm has orchestrated over 20 significant M&As globally. These mergers and acquisitions continue to boost our growth strategy and supports our objective of being a leading player in the markets that we operate in.” In 2007, Jones Lang LaSalle in Asia Pacific grew revenues by 79% to USD602 million and increased operating income to USD70.2 million. The Asia Pacific region now contributes approximately 22% of the total global revenue of the firm.

Jones Lang LaSalle New South Wales Managing Director Bernard Poliquin points out that the acquisition is part of the firm’s broader plan to provide full-service offices across the competitive suburban markets. With offices in Brookvale and Mona Vale, Shore Industrial services the entire, rapidly growing, northern beaches region, including the industrial areas of Balgowlah and Frenchs Forest. 

“The northern beaches district is growing as a commercial hub and is undergoing a strong investment and redevelopment phase.  With this acquisition, Jones Lang LaSalle will be better able to service the needs of investor clients who are seeking commercial and industrial opportunities away from the CBD or established technology parks,” says Mr Poliquin.

Natural health provider Blackmores, watch and accessories brand Fossil, and homewares giant  Villeroy & Boch are among the corporates that have relocated to the northern beaches region in recent months.

Shore Principals Richard Rubenach and Martin O’Brien will join Jones Lang LaSalle as Directors, bringing with them a team of twelve staff.

Mr Rubenach said the move will enable them to better service Shore’s clients for another ten or fifteen years to come.

“Shore is already a dominant player in the northern beaches commercial property market. Joining forces with Jones Lang LaSalle will help us to take our business to the next level.  By being a part of Jones Lang LaSalle, we will be able to tap into the firm’s global infrastructure, portfolio and services.  That includes being able to present our investor clients with broader market opportunities, and being able to offer our staff outstanding training and career development options, both here and overseas,” says Mr Rubenach.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to Forbes magazine’s “400 Best Big Companies” for three consecutive years, has approximately 170 offices worldwide and operates in more than 700 cities in over 60 countries.  With 2007 revenue of USD2.7 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.2 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse real estate money management firms, with approximately USD49.7 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 15,000 employees operating in more than 70 offices in 13 countries across the region.