JLL Finds New Partners in Australia, Turkey, Philippines
- Apr 09, 2008
Jones Lang LaSalle is strengthening its overseas presence through new relationships with commercial real estate players in Australia, The Philippines and Turkey. In the most major of the three new relationships, JLL is entering into a 50-50 joint venture, effective June 1, with Colonial First State Property Management (CFSPM), a subsidiary of Australia’s largest bank and second-largest company, Commonwealth Bank. The JV, called simply Sandalwood and headquartered in Singapore, will initially focus on retail mall management in Asia, specifically in Singapore, Hong Kong, China, Macau, Taiwan, Indonesia and India. CFSPM is a long-standing Jones Lang LaSalle client that has been looking to enter the Asian market and expand its portfolio, a JLL spokesperson told CPN. The JV gives JLL “access to retail specialists, processes and systems where CFSPM has expertise. In return, collaborating with Jones Lang LaSalle will provide CFSPM with access to global connections with European and U.S. retailers and [to] local infrastructure, people, networks and appropriate licenses in Asia.” The Sandalwood staff will include about 740 employees from JLL and CFSPM. The company will also set up a training center in Melbourne, Australia. Sandalwood’s CEO is Stewart Hutcheon, who was most recently director of leasing and deputy managing director of AMP Capital Shopping Centres Pty. Ltd., prior to which he spent more than seven years at Westfield. Founded in 1983, Colonial First State is one of Australia’s largest full-service commercial real estate development, management and leasing companies. Since its inception in 1983, it has developed more than 25 major shopping centers and currently manages for third-party clients 36 centers across every state of Australia. * In addition, JLL has just merged with Leechiu & Associates of Manila, to form Jones Lang LaSalle Leechiu. Former CEO David Leechiu becomes country head for JLL Leechiu, and Lindsay Orr, JLL’s former country head for The Philippines, becomes COO of JLL Leechiu. The company has six offices and 175 personnel and manages 3.1 million square feet. * Finally, JLL has extended and formalized an exclusive relationship with Alkas Consulting of Istanbul, for the development, leasing and management of shopping centers in Turkey. Alkas has been involved with leasing approximately 50 shopping centers, as well as other projects, throughout Turkey. Jones Lang LaSalle is a global commercial real estate services company operating in more than 700 cities in over 60 countries. In the Asia-Pacific region, JLL has a network of more than 70 owned offices in 13 countries.