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News release

Sydney

New leadership in Jones Lang LaSalle Australia


SYDNEY, 11 FEBRUARY 2009 - Jones Lang LaSalle today announced its Australian CEO, Christine Bartlett would be stepping down from the role after four years at the helm to broaden her experience base in a different sector.

Peter Barge, Chairman of Jones Lang LaSalle’s Asia Pacific business said the current economic environment required a different kind of organisational response, structure and leadership and therefore the national leadership would be assumed by Queensland’s Managing Director, Stephen Conry, who would carry out both roles in Australia.

“We decided to draw on the internal talent pool of experience that exists within the firm and to refocus and adapt our leadership structure in Australia to reflect the current market conditions.

“During her four years as head of the Australian business, Christine Bartlett has grown revenues and profitability of the Australian business significantly. I would like to thank her for her commitment, loyalty and passion in ensuring the continued success of the Australian business, which recorded another record year of growth in 2008.

“Christine has established new businesses including Health and Aged Care, Sustainability, Research Consulting and Corporate Plant and Equipment and was responsible for the acquisition of NSC in Western Australia, Creer in Newcastle, Shore Industrial on Sydney’s Northern beaches and the integration of RL Davis in Canberra into the Jones Lang LaSalle portfolio.”

Mr Barge said Stephen Conry would continue to lead the Queensland business as Managing Director, based in Brisbane, in addition to his new responsibilities.

“Stephen is one of our most experienced leaders, having been an International Director of the firm since 2000 and a member of the Australian Management Executive since 1999.

“He is a Fellow of the API, RICS and the Australian Institute of Company Directors. With 27 years experience with the firm, he has held a variety of national leadership roles throughout his career and brings a great client network into the leadership role,” Mr Barge said.

Mr Conry said, “Whilst there is no doubt we are facing a tough market in 2009, we see some key opportunities for the firm. With the continued focus on cost containment across the board, corporates are increasingly looking to outsource their corporate real estate strategy to deliver bottom line savings. Over the past quarter, Jones Lang LaSalle has won numerous mandates from corporate clients.

“Increasingly, banks and receivers will move on assets that come under their control. Buyer interest is still strong from private investors as well as offshore groups and we anticipate increased deal-flow in 2009.“

I also see opportunity for our tenant representation business with the increase in sub-leasing, more frequent valuations given the fluctuations in the market as owners develop their asset strategy and demand for property management services where investors seek new ideas on how to extract the most value from their asset,” Mr Conry said.

Jones Lang LaSalle recently announced its fourth quarter earnings, which saw the Australian business hold its own in 2008, in a market where transactions dropped by 63%.

“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,” Mr Barge said.

Highlights for the Australian business in Q4-2008 include:

  • 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.