Jones Lang LaSalle Named Preferred Global RE Services Provider for Volvo
- Jan 18, 2012
January 18, 2012
By Scott Baltic, Contributing Editor
Under a global framework agreement signed by both companies, Volvo Cars Corp. has chosen Jones Lang LaSalle as its preferred real estate services provider worldwide, JLL announced Tuesday. Jones Lang LaSalle’s corporate real estate services will reportedly include advice on “searches, negotiations, renegotiations, disposals, valuations, sales and acquisitions.”
“The Jones Lang LaSalle Corporate Solutions team in Sweden has been working closely with Volvo Cars Corporation for the past 18 months,” Marie Cronström, head of corporate solutions in Jones Lang LaSalle’s Sweden office, said. She added that the companies will work together “to improve VCC’s existing property portfolio, including leased and owned properties around the world.”
“It is a constant challenge for large corporations to review and manage their real estate portfolio to make sure all aspects of it fit with their business strategy,” said Vincent Lottefier, JLL’s chief executive of EMEA corporate solutions. “These types of agreements in which clients appoint one outsourced provider across a range of services are becoming increasingly common.”
Jones Lang LaSalle and Volvo Cars reportedly are working on real estate projects in Belgium, Sweden, the United Kingdom, North America and Japan, with additional projects to follow across the globe in 2012.
Jones Lang LaSalle declined to comment further on the new relationship.
Volvo Cars Corp. is one of two current companies whose lineage goes back to Volvo AB, founded in 1927 in Gothenburg, Sweden. The current AB Volvo sold Volvo Cars to Ford Motor Co. in 1999 for $6.45 billion. In late 2009, Ford in turn sold Volvo to Zhejiang Geely Holding Group, parent of Chinese automaker Geely Automobile, for about $1.6 billion. Volvo Cars still maintains its headquarters in Gothenburg. AB Volvo, meanwhile, manufactures Volvo-brand trucks and construction equipment, as well as Mack and Renault trucks and other product lines.
Jones Lang LaSalle had 2010 global revenue of more than $2.9 billion, in part from its worldwide property and corporate facility management services portfolio of about 1.8 billion square feet.