JLL has bought German agency Zabel Property AG as part of a move to expand its resi offering across EMEA.
The real estate giant has been successful in building up a strong resi presence in the UK in recent years and is looking to roll out a similar model in markets demonstrating “strong growth potential and sustained demand from overseas buyers”.
Berlin clearly fits that bill and the market-leading Zabel has made a name for itself acting for high-end buyers across the city’s most sought-after districts since 1992. The plan is to target some other key locations in the country with the same approach, whilst setting up German desks across the JLL network.
Guy Grainger, EMEA CEO at JLL: “Through this acquisition, JLL is continuing to implement a planned growth strategy within selected business segments which we believe hold considerable promise for the future. Residential property has come to represent a very promising growth area for us, primarily because of the trend towards urbanisation that is evident in Germany as well as globally, and this acquisition boosts our already successful residential offering in the UK.”
Andrew Frost, Head of EMEA Residential: “The services of JLL and Zabel complement each other perfectly and this acquisition further strengthens our goal for strategic expansion of this business line across Europe. Together we can support and market residential real estate projects from start to finish, securing the land for the development through to the sale of individual units which in turn enables us to offer a “one-stop shop” for all services to developers and portfolio owners. In the United Kingdom, we have successfully implemented this business model over a number of years and we strongly believe that excellent market opportunities also exist in Germany. This acquisition enhances one of the most successful international platforms for selling residential property, leveraging our already established business in this market.”
Thomas Zabel, CEO of Zabel Property AG: “JLL is by far the leading real estate consultancy in Germany. Zabel now has the opportunity to become part of JLL’s success story and benefit enormously from the global positioning of the company. This expansion will allow us to open German desks worldwide, providing clients consultation on German properties on the ground in their home countries. JLL’s leading role and market penetration will allow Zabel to expand to other locations in Germany and continue to develop its successful business model.”