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KUALA LUMPUR, SINGAPORE, 9 JUNE 2014 - JLL (NYSE: JLL) has today announced the acquisition of 49% ownership in YY Property Solutions Sdn Bhd, a leading locally owned transaction and advisory business based in Kuala Lumpur, Malaysia, which will now trade in Malaysia as JLL Property Services (Malaysia) Sdn Bhd. YY Property Solutions Sdn Bhd was founded in 1995 by YY Lau and provides clients with real estate agency and investment services across all the office, retail, industrial and residential sectors.
Chris Fossick, Head of Southeast Asia at JLL said: "The acquisition of ownership in YY Property Solutions means that we now have a platform to directly deliver services to our clients who either have operations in Malaysia or have plans to expand their business in the country. YY and her team have a leading market position in providing commercial leasing services to both investors and occupiers. Having advised on many of the largest and most high profile leasing transactions in Kuala Lumpur, YY Property Solutions brings exceptional local market expertise and knowledge, and an approach to serving clients that we are confident will fit perfectly with the JLL culture."
He continued: "With a resilient domestic economy that is expected to strengthen further and a promising real estate market, Malaysia presents a vast range of opportunities. This move will give our network of global clients better access to these opportunities with the added benefit of YY's 20 years of local market expertise and experience whilst also supporting the growing number of Malaysian investors looking to invest in assets overseas. This is the first step to growing our business in the country and it's our intention to double headcount in the next couple of years."
YY Lau said: "Teaming up with JLL was the obvious choice, both in terms of team fit and also because of the benefits being part of a global firm will bring. We have the same aspiration as JLL, which is to dominate Malaysia's growing market. Our Malaysia expertise combined with JLL's global reach and resources will enable us to grow our services and client base."
YY Lau will head JLL Malaysia as Country Head and will manage JLL's Malaysian business with a team of 15, based in Kuala Lumpur.
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About JLL JLL (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com
JLL has over 50 years of experience in Asia Pacific, with over 27,500 employees operating in 80 offices in 15 countries across the region. The firm was named ‘Best Property Consultancy’ in seven Asia Pacific countries at the International Property Awards Asia Pacific 2014, and won nine Asia Pacific awards in the Euromoney Real Estate Awards 2013. www.jll.com/asiapacific
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