Mumbai, June 12: Property consultant Trammell Crow Meghraj (TCM) and Jones Lang LaSalle, a global real estate services company, are merging their Indian operations.

The merger will create the largest property consultant in the country with a market share of over 30 per cent and a turnover of more than Rs 400 crore. The combined entity will be called Jones Lang LaSalle Meghraj. The merger is expected to enable Jones Lang, which has an integrated platform with 160 offices in more than 50 countries, to add immediate scale in India. Jones Lang’s resources will enhance TCM’s ability to serve clients globally.

Jones Lang posted revenues of over $2 billion in 2006 and has a portfolio of over 1 billion sq ft all over the world. In 2006, the firm completed capital market sales and acquisitions, debt financing, and equity placements on assets and portfolios valued at $70.9 billion.

LaSalle Investment Management, the company’s investment management business, has around $44.3 billion of assets under management. The two entities said the merger would create a dominant brand and strong market leadership position.

The combined entity will have 44 million sq ft under management across the country and have its Indian head office in New Delhi.

The merged entity is expected to provide clients with a strong platform.

“With a more diverse management team, stronger talent pool, larger geographic footprint and enhanced scope of services, Jones Lang LaSalle Meghraj will be a firm to reckon with for all local, regional or global business opportunities in India. It would not have been possible to achieve this as separate firms,” Peter Barge, Jones Lang LaSalle’s chief executive officer for the Asia Pacific region, said.

Anuj Puri, chairman and country head of Jones Lang LaSalle Meghraj, added that while TCM was built with a vision to be among the largest end-to-end real estate service providers in India, the company decided to forge an alliance with a premier global real estate services firm.

Both Jones Lang and TCM’s senior management will hold leadership positions on the Jones Lang LaSalle Meghraj board.

The employees will have similar capacities and roles in the merged entity.

Vincent Lottefier, who was Jones Lang LaSalle’s country head for India, has been appointed as chief executive officer.

Two other senior executives in the merged company are Santhosh Kumar from TCM and Gagan Singh from Jones Lang LaSalle, who will both take over as deputy CEOs.