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Merged companies to provide enhanced investment advice across Europe’s 4th largest real estate investment market
Jones Lang LaSalle (NYSE: JLL) and Tenzing today announced that they will be merging business operations in Sweden with immediate effect to create the country's foremost commercial real estate services advisor. JLL is acquiring Tenzing, a national leader in property investment advice, in a deal that also sees Tom Lindahl, CEO of Tenzing, become JLL's new head of Capital Markets in Sweden.
The highly complementary fit between the two firms closely reflects the growth strategies of both organisations. Tenzing, which has been seeking to build on its own leading position and depth of market knowledge in real estate investment advice across Sweden, sees JLL's closely integrated global platform and international clientele as the ideal way forward. JLL has been looking to continue growing its well established capabilities across Sweden, particularly in the country's capital markets arena which consistently features in Europe's top five by transaction volume.
Daniel Gorosch, Managing Director of JLL Sweden, said: "Putting Tenzing's strong team with its deep local market knowledge together with JLL's access to international capital will create really exciting new opportunities for our clients. JLL is delighted to be merging with Tenzing which has built a terrific market position and an excellent reputation. There is a close cultural fit and we have very similar ways of doing business. I wish the whole Tenzing team a warm welcome to JLL."
"An already strong network just got even stronger. This exciting merger will offer clients a service with an unrivalled knowledge and understanding of the opportunities and trends that shape our market. I am really looking forward to leading JLL/Tenzing Capital Markets team in Sweden and engaging with a wider national and international team and client base," says Tenzing's Tom Lindahl.
JLL's Head of EMEA Capital Markets, Richard Bloxam, welcomed the news, saying: "Today's merger will significantly strengthen our Swedish capital markets platform, including our ability to provide debt advisory services to clients active in Sweden, as we do throughout EMEA. There is also a great fit between Tenzing's residential business and our increasingly strong residential capabilities around the world."
The new combined business has over 70 employees in Sweden, with offices in Stockholm and Gothenburg.
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