London, 10 July 2008 – Jones Lang LaSalle has announced that it is to acquire Churston Heard, the UK’s leading independent retail consultancy. Churston Heard employs 80 people and offers a full range of retail services including agency, town centre and out-of-town retail; rent reviews; management; investment, development and shopping centre management.
Alastair Hughes, CEO EMEA at Jones Lang LaSalle said: “This acquisition will further strengthen our business and improve our ability to advise clients on retail property in the UK. UK clients are looking for excellent local market knowledge within a first class international business – this acquisition will provide exactly that.”
“This is part of our strategy to strengthen our retail business across Europe. We will now be a market leader in the UK as well as Germany, Central & Eastern Europe, Russia and many other European markets.”
Churston Heard was established in 1969 and has an excellent reputation, providing a full range of consultancy services to an impressive client list of retailers, developers, institutions and funds. The combined strength of the two firms will see Jones Lang LaSalle’s shopping centre instructions increase to 110 and dedicated retail specialists rise to 150.
The new management structure will comprise Chris Powell as Chairman of Retail, EMEA; Guy Grainger will take on the role of Head of Retail Agency in the UK, working alongside Stuart La Frenais, Damian Sumner and Paul Marshall. Robin Coady will chair and jointly run the expanded UK Retail Capital Markets team with Adrian Peachey. Tim Vallance will lead the Out of Town team and Stephen Mahon will become the Head of Asset and Professional Advisory.
Chris Powell, from Churston Heard said: “We see Jones Lang LaSalle as a complementary fit to our culture, which is built on client service, market intelligence and expertise. It increases our reach and market share in the UK and drives our business forward across the continent. It will also provide new and exciting opportunities for our people.”
The deal, which will be concluded next week, will see Jones Lang LaSalle finance the acquisition through phased cash payments based on time and performance. The 80 Churston Heard employees will move into the Jones Lang LaSalle offices in Hanover Square in September.
Stuart La Frenais, Head of Retail Agency at Jones Lang La Salle commented: “It is well known that we have been looking to strengthen our retail business and Churston Heard has been top of our priority list for sometime. The structure of their business fits ideally with ours with their areas of strength complementing ours. Having worked at Churston Heard for several years I know a number of individuals well and know that the fit between our teams will be fantastic. I personally look forward to working with Guy again, together with the rest of the retail team at Churston Heard”.
“The combined business will focus on the UK and will also have a dedicated European retail team based in the UK which will co-ordinate with our strong European network of offices, covering 25 countries, to provide a seamless service for both our landlord and retailer clients.”
Guy Grainger, Head of Retail at Churston Heard added: “This provides our team with the ideal platform to apply our experience and skills to a wider network of clients, without huge disruption – we are a very good fit. Our retail intelligence will enable Jones Lang LaSalle and Churston Heard to create one of the largest and most experienced retail advisory services in Europe.”
Contact: Charlotte Freeman
Phone: 020 7399 5616