Commercial property advisory firm has moved into the Polish residential market with the acquisition of REAS.
JLL said it has bought the Polish residential consultant REAS, to become the first advisory firm to operate on all segments of the real estate business in Poland. Financial details were undisclosed.
REAS will be responsible for developing living services in both Poland, and Central and Eastern Europe.
The entire REAS team will continue its activities within the structures of JLL in Poland, under the brand name REAS JLL Residential Advisory.
Tomasz Trz贸s艂o, the managing director of JLL in Poland, said: 鈥淲orking closely with REAS will allow JLL to have competence in all areas of the real estate market, in which the residential segment plays a key role.鈥�
Recently, Poland鈥檚 residential sector has seen the development of commercial opportunities, including apartments for rent and dorms, which have begun to attract the interest of institutional capital, Trz贸s艂o said.
鈥淛LL鈥檚 decision to expand its expertise in this area is in response to market trends and the business needs of our clients.鈥�
Kazimierz Kirejczyk, the president of the board at REAS, said: 鈥淲e are very much looking forward to the possibility of co-creating and implementing a strategy that is aimed at increasing JLL鈥檚 presence in the residential sector.鈥�
The aim of REAS is to further develop, and deepen its 10-year co-operation with JLL, Kirejczyk said.
鈥淥perating within the structures of a large global partner enables us to accelerate the expansion in the scope of services not available thus far in Poland as well as the possibility to develop on international markets,鈥� Kirejczyk said.
Pawe艂 Sztejter, the vice president of the board at REAS, said: 鈥淏y combining our forces with JLL, we will expand our contacts with international business partners, and in so doing, provide our clients with access to global capital markets.鈥�
