Home » News & blogs » MVGM closes on JLL’s property management business in Belgium, Luxembourg and Czech Republic
Dutch-based property manager MVGM today closed on transactions in Belgium, Luxembourg and the Czech Republic as part of its deal to acquire JLL’s European property management business in 10 European countries.
“This is an exciting step for us. With these transactions the international character of MVGM is beginning to take shape and a leading European property management organization is beginning to emerge,” said Menno van der Horst, Member of the Board MVGM. “I want to extend a warm welcome to our new colleagues. I look forward to working with you to service our clients with the expertise and commitment they have always relied on while offering them all the advantages of a specialized pan-European player.”
MVGM and JLL announced the deal in July. It gives MVGM a foothold in eight additional countries with 540 employees in: Spain, Portugal, Belgium, Luxembourg, Poland, Czech Republic, Romania and Slovakia and expanded teams in the Netherlands and Germany. MVGM is integrating the new activities into its current business in phases, closing the transaction for the legal entity in each country separately. The current transaction brings the total of country closings to four after the closing of the Dutch activities in August.
With the closing of the Belgian transaction, 830.000 m2 of real estate is added to the property management portfolio. Helga Cosyns, Managing Director of MVGM Belgium. Helga Cosyns: “We are looking forward to continue and expand our property and retail management activities in Belgium under the flag of MVGM. We are excited to contributing to MVGM’s ambition to become a leading European property management player and to developing and servicing our Belgian client base as part of this dynamic organization.”
The Luxembourg team which is joining MVGM, is adding 350.000 m2 of property under management to the international organization. Stephane Thauk, Managing Director of MVGM Luxembourg: “With the closing of the transaction our team has joined MVGM, an organization with Property Management as the core business. We will continue to service our clients and exceed their expectations both in Property Management as in real estate services through our Alliance Partnership with JLL.”
Petra Stiller of MVGM Czech Republic: “We are working for domestic and international clients to make their portfolio as easy to manage as a stock investment. We offer tailor-made reporting and are looking forward to continuing this as part of the MVGM team while intensifying the collaboration with innovative real estate big data subsidiary Watson+Holmes.”
The other countries are expected to close between now and year end 2019. MVGM has grown rapidly over the past five years through acquisitions. The company’s successful track record in bolt-on acquisitions includes Germany’s PropertyFirst in 2019, its merger with Verwey in 2018 and the Dutch acquisition of Actys in 2016.