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JLL to buy Peloton
Posted on Friday, 20 September 2019 12:37
Jones Lang LaSalle (JLL) is acquiring US-based leasing and property firm Peloton Commercial Real Estate for an unknown sum.
Due to complete within the next few weeks, the transaction remains subject to the usual customary closing conditions.
Founded in 2002 and located in Texas, Peloton manages or leases over 25.00 million square feet of commercial real estate for clients.
The group provides tenant advisory services, construction management, as well as project leasing operations.
Peloton has a number of properties on its books across Dallas and Houston, including Bank of America Plaza and Northbelt Office Centre.
David Carrol, market director for the acquiror’s south central region, said: “This is a momentous step in our journey to become a market-leading player in Texas.
“Peloton's position as a leading provider of leasing and property management services will greatly enhance our business capabilities and breadth of services.”
Through the acquisition, JLL will gain 130 of the target’s employees.
Headquartered in Illinois, the purchaser is billed as the second-largest commercial real estate services firm in the US.
JLL has some 90,000 employees and operates in over 80 countries worldwide with a portfolio of more than 3,200 buildings totalling 550.00 million square feet.
For the six months ended 30th June 2019, the group generated revenue of USD 8.09 billion, up 7.8 per cent from USD 7.46 billion in the corresponding period of 2018.
Upon closing, Peloton’s co-founders, Joel Pustmueller and T.D. Briggs, alongside JLL’s market director Jeff Eckert, will focus on driving growth across the Dallas-Fort Worth and Austin and San Antonio regions, respectively.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 3,600 deals targeting real estate and rental and leasing providers signed off worldwide since the start of 2019.
The most valuable of these involved Prologis agreeing to acquire US-based Industrial Property Trust for USD 3.99 billion.
US targets accounted for the five largest deals in this sector and included companies such as Aviation Capital Group, Chesapeake Lodging Trust and Blume Global.
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