Jones Lang LaSalle (JLL), an international commercial real estate advisory and investment company, reported a loss of CZK 24 million in the Czech Republic last year. A year earlier, it had a profit of about the same level. The company’s total revenue fell by about 10 percent year-on-year to CZK 435 million. JLL announced this in its annual report published in the Collection of Deeds. The company transferred its transaction business in the CEE region to iO Partners. JLL in the Czech Republic will now focus on providing integrated services in the field of facilities management.
According to JLL, last year the market was affected by the start of the war in Ukraine, the energy crisis, uncertainty in commodity and financial markets, high inflation and rising interest rates. Particularly in the investment advisory business, where rising interest rates have increased the cost of financing real estate transactions, slowing the purchase and sale of commercial real estate. The overall uncertainty has had an impact on the property market as a whole, which will continue to affect our company’s results in the coming months,” said managing director Andrew Peirson in the annual report.
JLL has transferred parts of its existing leasing, capital markets, valuation advisory, research and project management businesses, including so-called workplace advisory, to iO Partners. The transfer under the new owner was a three- to four-month process, according to PR specialist Natalia Pekar. However, she said the structure itself will not change otherwise and client collaboration should not be affected by the acquisition. The company did not want to comment on how much money the transfer cost.
JLL’s biggest projects last year included advising CTP Limited, Volkswagen AG, Honeywell and project and pricing management and architectural services for Scott & Weber. Going forward, the company plans to develop and implement a strategy that responds to new technology trends to achieve stable results, according to the annual report.
Source: CTK
