Property companies making changes
JLL acquires Propell; Frasers Property Australia rebrands; Cushman & Wakefield now one of the world’s largest; Knight Frank ramps up its residential presence; BVN establishes New York studio; Savills Investment Management expands and international architects gain applause.
JLL has acquired Australia’s largest privately owned and integrated national valuation firm, Propell National Valuers.
The entire leadership team at Propell, including CEO Bart Mead and COO Mark Nassif and all national heads, will join JLL in senior operational roles and the company’s 200 employees will join JLL’s 2300-strong valuations team. The business in Australia will continue to operate as ‘Propell – a JLL company’ during an initial transition and integration phase.
“The culture and vision of their team matches ours. It is an exciting opportunity for the future for our colleagues and clients,” said Stephen Conry, CEO of JLL Australia.
“We have been a strong, privately owned business for nearly 60 years in Australia and JLL has had an established presence in Australia for the same period of time,” said Propell CEO Bart Mead. “The two businesses share a common culture of delivering the highest standards in service, quality and customer satisfaction.”
Diversified property group Australand has been rebranded Frasers Property Australia, following its acquisition by Frasers Centrepoint Limited in 2014. New CEO Rod Fehring, who succeeded Bob Johnson in August, says the Australian business is trading well, with 167,0 sqm of commercial and industrial space under development, a portfolio of investment properties valued at AU$2.7 billion, and unrecognised residential revenue of A$1.5 billion.
The merger of Cushman & Wakefield and DTZ, completed on 1 September has created one of the world’s largest real estate services firms. Cushman & Wakefield now has US$5 billion in revenue, 43,000 employees, almost four million sqm of space under management, and US$191 billion in transaction value. In the Asia Pacific, the firm now has 7000 people operating in 21 offices across 11 countries. Stuart Roberts assumes the title of chief executive Asia Pacific.
Knight Frank is ramping up its residential presence in Australia with the acquisition of Melbourne-based LOOK Property Group. The Group has handled some significant projects in Melbourne including The Hawksburn in South Yarra, Silverleaf in South Melbourne and Guild in Southbank. LOOK’s managing director Michael Robinson joins the team as head of residential project marketing.
BVN is establishing a new studio in New York, to be led by recognised architect Bill Dowzer. BVN is looking to establish an “agile, young and mobile presence” focused on the emerging co-working culture, says the company’s national director, James Grose.
Savills Investment Management has acquired SEB Asset Management AG, creating a substantial European investment management platform with around €15 billion of assets under management, and a growing Asian platform with €2 billion. Savills now has 280 employees in 16 offices managing assets in 21 countries.
The Australian Institute of Architects’ International Chapter has presented Koning Eizenberg Architecture with the International Award for Public Architecture for the Pico Branch Library in Santa Monica. Denmark firms Terroir and CUBO Arkitekter were honoured with an International Award for Residential Architecture for Vulkanen: Aarhus Student Housing and Singapore-based Kerry Hill Architects also took home a residential award for Seven Palms Sentosa Cove. View the full list of winners in the 2015 International Architecture Awards.