JLL Acquires London Retail Advisory Firm KLM Real Estate, Adding 17 Colleagues
LONDON, Oct. 29, 2026 — JLL announced the acquisition of KLM Real Estate, a London-based boutique retail property advisory firm, adding 17 KLM colleagues to its UK Leasing Advisory business under Paul Marshall, head of UK retail. The firm said the deal forms part of its strategic focus on growing key asset classes and will enhance its retail capabilities in the UK market.
What the JLL–KLM Real Estate Deal Adds
KLM is an established specialist in UK retail agency and lease advisory, with mandates spanning London and regional markets. Its client portfolio includes The Crown Estate, the South Kensington Estate and Pret a Manger, according to JLL's announcement. The firm said those relationships will complement its existing client base and create new opportunities to deliver its broader service capabilities across the UK retail market.
The combined retail team will provide services spanning leasing advisory, investment transactions and strategic consulting, offering clients integrated solutions across JLL's service lines. JLL said there is minimal client overlap between the two businesses.
Executives Comment on the Acquisition
Matthew Richards, UK CEO at JLL, said: "This acquisition reflects the strategic fit between KLM and JLL and our continued focus on London as a world-leading retail destination and global financial centre. Bringing KLM's specialist expertise together with our platform strengthens our ability to serve global occupiers who demand consistency and deep market knowledge across London and the wider UK."
Paul Marshall, who is described in the release as Head of Retail Agency at JLL, said: "This acquisition demonstrates our strategic commitment to investing where we have scale, competitive advantage, and industry leadership. KLM brings specialist retail capability and long-standing client relationships that complement our existing platform with minimal overlap. Together, we can compete at scale and deliver a holistic view of the retail sector across the built environment. This move strengthens our ability to meet client demand for greater consistency and expertise, particularly across EMEA, while creating significant opportunities for cross-business line collaboration."
James Andrews, partner at KLM, said: "Joining JLL represents an exciting opportunity for our team and clients, JLL's global platform, resources, and commitment to the retail sector will enable us to deliver even greater value to our clients. We're impressed by JLL's vision for retail and look forward to contributing to the growth of this dynamic platform while maintaining the specialist expertise and relationships our clients value."
UK Retail Market Context
JLL linked the acquisition to UK consumer spending, which it said continues to exceed expectations despite economic pressures. The firm said consumer confidence is being driven primarily by reduced household savings rates buffering against weak income growth. JLL said it anticipates the UK consumer may prove resilient through the fourth quarter and beyond, which it expects to continue translating into demand for bricks-and-mortar retail space.
Retail leasing draws on demand from both sides of the market: retailers seek advice on openings, relocations, renewals and portfolio optimization, while landlords need leasing strategies to maintain occupancy, improve tenant mix and protect rental income. A platform that combines agency, investment and consulting services can support multiple stages of the same assignment.
JLL's Financial Position and Competitive Landscape
JLL reported third-quarter 2026 revenue of $7.28 billion, up 12% year over year, with advisory revenue rising 22% in local-currency terms. Adjusted EBITDA increased 33%, and adjusted diluted earnings per share rose 50% to $6.76. Third-quarter leasing advisory revenue was approximately $941.8 million, while Real Estate Management Services generated approximately $5.50 billion.
Measured against those group figures, the addition of a 17-person boutique is small in scale. Its significance lies within London retail agency, where specialist mandates can generate recurring leasing fees and lead to investment or consulting assignments. The transaction adds a team with established relationships to JLL's platform as it competes with other major UK property advisers, including CBRE, Savills, Cushman & Wakefield and Knight Frank.
JLL, listed on the New York Stock Exchange (NYSE: JLL), reports annual revenue of $26.1 billion, operations in more than 80 countries and a global workforce of approximately 112,000 as of Sept. 30, 2026.
Outlook for JLL's UK Retail Business
JLL said the combined platform is intended to improve consistency and expertise across EMEA, supporting global retailers that seek consistent advice across London and the wider UK. The firm said the deal supports its growth strategy and strengthens its London and UK retail market position.