Shares Of Jones Lang Lasalle Lower Despite International Acquisition Announcment

Shares of Jones Lang LaSalle Inc JLL were trading lower by more than 1 percent on Monday despite the company's announcement that it has acquired Cobertura SA, one of Portugal's largest market-leading agencies that specializes in the residential real estate sector. Jones Lang LaSalle stated that its latest acquisition is an "example" of the company's "disciplined acquisition strategy" that targets "key growth opportunity with complementary high-margin business additions." Cobertura's structure consists of 20 full-time employees and a network of 25 specialist residential advisers. Jones Lang LaSalle added the acquisition will take effect immediately and the Portuguese firm will be fully re-branded by mid-2016. Financial terms of the deal were not disclosed. Guy Grainger, JLL's EMEA Management Board sponsor for Residential services, said: "Cobertura has an excellent track record across Portugal's prime residential markets, impressively maintaining its position in the country's top four in competition with larger international networks. The combination of JLL's global platform with Cobertura's specialist local market knowledge is a really exciting fit with considerable growth potential."