1 April 2011
Global commercial real estate firm Jones Lang LaSalle is increasing its presence in South Africa with the formation of Jones Lang LaSalle South Africa, following its acquisition of leading local corporate property service provider Bradford McCormack & Associates for an undisclosed amount.
The acquisition will give Jones Lang LaSalle, which is listed on the New York Stock Exchange, its first dedicated office in South Africa, although the firm is already present at several client facilities across the country.
“The domestic property market remains a solid indicator of broader economic activity,” Bradford McCormack & Associates MD Mark Bradford, who will now become the MD of Jones Lang LaSalle South Africa, said in a statement this week. “An increasingly positive economic outlook this year is seeing upticks in demand for space.
“Today’s acquisition by Jones Lang LaSalle introduces a number of globally relevant offerings in meeting this demand and places our organisation in an appreciably enhanced position to service local and international companies within our market.”
Commitment toward property market
The acquisition represents one of the largest international investments in the local property services sector to date and points to a strong global commitment towards an already robust domestic commercial property market.
More specifically, the deal opens up accelerated business growth opportunities for both firms across South Africa and its neighbouring countries.
“We have long admired the way Bradford McCormack & Associates has developed its business and its commitment to premium client service,” said Jones Lang LaSalle’s Europe, Middle East and Africa CEO Christian Ulbrich. “We are delighted [Bradford] and his team have agreed to join Jones Lang LaSalle and this new combination will provide a powerful springboard to our growth aspirations in South Africa and its near neighbours.
“Most importantly, it ensures that we can seamlessly provide our clients with the full range of services they will require as they build their own businesses in one of the world’s fastest growing regions.”
Strong track record
Bradford McCormack & Associates has a client base that includes ABSA Bank, Nestle, the JSE, Miele SA and a number of South African government departments.
The firm has a strong track record in a broad range of services including office and industrial leasing, capital markets, tenant representation, lease administration, strategic consulting and asset management.
“As our country plays an ever increasing role in the region, the formation of Jones Lang LaSalle South Africa places the local property market in a position to provide substantial value to the domestic and global business communities,” said Bradford.
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