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News release


Jones Lang LaSalle Australian revenue maintains its strength in 2008, despite challenging market conditions

SYDNEY, 4 FEBRUARY 2009 – The revenue of Jones Lang LaSalle’s Australian business maintained its strength in 2008, in line with the last two years of record growth.

Australian CEO, Christine Bartlett said this was a solid result for the Australian business in a challenging property market where transactions were down by 63% in 2008.

“To achieve these results in a tight property market is a great achievement for everyone at Jones Lang LaSalle in Australia.

“The strength of our results for 2008 reflect our balanced portfolio, with over 55% of our business in Australia annuity based.

“We have increased year on year growth in a large percentage of the Australian portfolio and our client base, with clients increasing their demand for specialist expertise and quality advice in a dynamic and challenging commercial property market.

“In particular, the Property and Facilities Management business significantly exceeded expectations for 2008, winning a number of new appointments for the firm. Other areas that experienced year on year growth included Research & Consulting, Advisory Services, Corporate Solutions, Tenant Representation and Project and Development Services,” Ms Bartlett said.

Highlights for the Australian business in Q4, 2008 included:

  • The largest commercial sales transaction in the Sydney CBD for 2008, with the $60 million sale of 66 Clarence Street by Jones Lang LaSalle’s Rob Harris;
  • The Australian Retail Investments team, led by Simon Rooney, dominated the national retail market, transacting 7 out of the 8 deals in the Australian market in Q4 of 2008. These 7 deals totalled $168.8 million capital value and included the largest retail sales transaction in Australia for 2008 - the $100 million sale of Golden Grove Shopping Centre in Adelaide;
  • Our businesses in Queensland and Western Australia reflected the strength of the local economies and delivered very strong results; and
  • One of the major contracts secured by the Property and Facilities Management business in Quarter 4, 2008 included the Federal Department of Immigration & Citizenship - a long term property services contract comprising 42 properties around Australia.