Jones Lang Lasalle (JLL) has acquired Propell National Valuers in a bid to further extend its reach into the residential sector.
JLL’s current size and reach combined with Propell’s strong local presence across Australia mean the combined businesses will now provide commercial and residential property valuations across even more sectors and geographies in Australia.
Previously, Propell has operated across 12 offices in all states and territories, specialising in residential dwelling and commercial mortgage valuations, as well as specialist commercial valuations.
JLL was the first global property firm to commence operations in Australia nearly 60 years ago, and provides valuations for commercial assets including office, retail, industrial and hotels, while recently diversifying into land subdivision and residential development site valuations, health and aged care, student accommodation, infrastructure and easements and plant and equipment.
JLL seeks to further expand its suite of services with this latest acquisition, and welcomes Propell’s 200 employees to JLL’s 2300-strong team. The entire leadership team at Propell, including CEO Bart Mead and COO Mark Nassif, as well as all national heads, will be joining JLL in senior operational roles.
“The culture and vision of their [Propell’s] team matches ours,” said Stephen Conry, CEO of JLL Australia.
“It is an exciting opportunity for the future for our colleagues and clients. Two industry leading valuation platforms with impressive reputations and client delivery models are now one and we welcome our new colleagues to the JLL team.”
The business in Australia will continue to operate as ‘Propell – a JLL company’ during an initial transition and integration phase.
Bart Mead, CEO of Propell, added: “Our team looks forward to joining with JLL to continue to be a market leader in the valuation industry in Australia.
“We are particularly excited at the prospect of joining JLL with its market dominance and highly regarded reputation and the many opportunities that provides our people and clients,” he said.