Jones Lang LaSalle: Takeover of Kemper's announced
The property consulting company Jones Lang LaSalle (JLL) will take over the Kemper's group. Kemper's is Germany’s leading retail property advisor, providing a full range of investment, leasing, consulting, valuation and management services. With the deal, JLL aims to become market leader in the German retail sector. According to the announcement, pending approval from the German Monopolies and Mergers Commission, both JLL's management and the owners of Kemper's agree to complete the acquisition by May, 2008. Details concerning the transaction will be communicated in a press conference conducted by both companies after finalizing the deal. The termination of association between Kemper's and Cushman & Wakefield (C&W) was announced only last Friday. In Spring, 2004, C&W acquired a 25% share in Kemper's Holding. After failed negotiations, the four-year, limited-term agreement was not prolonged. Consequently, Kemper's exercised its option to re-buy the shares.