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News Release

London & Cairo

Jones Lang LaSalle set to open office in Cairo in first quarter 2010


London & Cairo, 18th December 2009 - Jones Lang LaSalle has announced that it is opening a full service real estate operation in Cairo during Q1 2010.  This announcement was made at the 4th Annual Cairo Investment Forum at the Semiramis InterContinental Hotel, Cairo, during which the firm also released a strategic research report, “Cairo: Open for Global Business.”

“Cairo is becoming an international real estate market and is emerging on the radar screen of an increasing number of regional and global developers, investors and occupiers.” said Thierry Loue, CEO of Jones Lang LaSalle MENA. “The key markets in Cairo are driven by ‘end user’ demand rather than speculative development. As the Cairo market is largely cash driven, it has experienced much lower levels of debt that in many other cities in the region. It is therefore more stable with greater prospects for sustained growth than many of its peer cities.”

He continued: “More than any other regional city, Cairo is characterized by a combination of mature and emerging market conditions. The city is growing rapidly from its constrained historic core to a range of new self-sustaining cities on the urban periphery. We see Cairo as a global city with a tremendous future – which is why we are opening an office here in early 2010.”

Highlights of “Cairo: Open for Global Business” include:

• Growth in the residential sector with an important shift towards affordable housing, as Cairo is a demand-driven market where affordable housing is in short supply;

• the fragmented office market provides significant opportunities for purpose - built international quality office buildings with demand from international occupiers;

• the hospitality and tourism sectors driven by new investment is expected to record an important increase in both international and regional tourists;

• Cairo remains a market with more demand than supply for new, high quality retail development and is significantly under-served as compared with competing markets for modern, professionally managed retail offerings.
 
 

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specialising in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.3 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $37 billion of assets under management.
In Russia and CIS Jones Lang LaSalle have offices in Moscow, St. Petersburg, Kiev and Almaty. Jones Lang LaSalle, Russia was voted Consultant of the Year in 2004, 2006, 2007, 2008 and 2009 at the Commercial Real Estate Awards, Moscow and Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg.
For further information, please visit our Web site, http://www.joneslanglasalle.ru