11 June 2014

NYSE-listed JLL buys 49pc stake in YY Property Solutions

  11 June 2014

By BUSINESS TIMES
KUALA LUMPUR: New York stock exchange-listed Jones Lang Lasalle Inc (JLL) has acquired a 49 per cent stake in YY Property Solutions Sdn Bhd, a local transaction and advisory business.
Homegrown YY Property Solutions is now known as JLL Property Services (Malaysia) Sdn Bhd.
According to JLL’s head of Southeast Asia, Chris Fossick, Malaysia presents vast opportunities with its resilient domestic economy that is expected to strengthen further and a promising real estate market.
“This is the first step to growing our business in the country and it’s our intention to double headcount in the next couple of years,” he said in a statement.
YY Property Solutions, which is based here, was founded in 1995 by YY Lau and it provides clients with real estate agency and investment services across all the office, retail, industrial and residential sectors.
Lau will now lead JLL Malaysia as the country head and will manage JLL’s Malaysian business with a team of 15 people.
Fossick said the acquisition of YY Property Solutions enables JLL to directly deliver services to its clients who either have operations in Malaysia or have plans to expand their business in the country.
“Lau and her team have a leading market position in providing commercial leasing services to both investors and occupiers.
“Having advised on many of the largest and most high profile leasing transactions in Kuala Lumpur, YY Property Solutions brings exceptional local market expertise and knowledge, and an approach to serving clients that we are confident will fit perfectly with the JLL culture,” he said.
Fossick said the company’s move will also give its network of global clients better access to the opportunities available in Malaysia, with the added benefit of Lau’s 20 years of local market expertise and experience.
At the same time, the company can support the growing number of Malaysian investors looking to invest in assets overseas.
Meanwhile, Lau said teaming up with JLL is the obvious choice, both in terms of team fit and the benefits being part of a global firm.
“We have the same aspiration as JLL, that is to dominate Malaysia’s growing market.
“Our Malaysian expertise, combined with JLL’s global reach and resources will enable us to grow our services and client base,” she said in a statement.
JLL, a financial and professional services firm specialising in real estate, has more than 200 corporate offices worldwide and operations in more than 1,000 locations in 70 countries.

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