Trammell Crow Meghraj, which claims a 15% share in the domestic market, has initiated talks with two global players for a possible merger to expand its presence.
NEW DELHI: With India's real estate sector growing fast, property consultant Trammell Crow Meghraj (TCM), which claims a 15 per cent share in the domestic market, has initiated talks with two global players for a possible merger to expand its presence.
US-based Jones Lang LaSalle and a UK-based real estate adviser, believed to be Savills, are the two entities with which TCM is in touch for a merger or alternatively, a partnership in India, according to industry sources.
A top official of TCM claimed that they were also talking to the world's largest commercial real estate services firm CB Richard Ellis (CBRE), but CBRE officials declined to comment.
Industry sources, however, said that CBRE was not interested in buying out TCM or having a partnership.
TCM, which has 10 offices in India having a strength of 1,300 employees, offers services like property consultancy, brokerage, project management and facility management.
The consultancy firm has given terms and conditions to these companies for the possible merger, the TCM official said, adding that some breakthrough could happen in the next 3-4 weeks.
"We want to be the biggest, strongest and best property consultant in India," the official said.
TCM, though strong in brokerage transactions, was weak in international mandate, he said, adding that it needed international clients and also a global technical platform.
When asked whether there would be a merger or if a separate company would be formed, the TCM official said: "It's too early to say anything. We prefer merger but a new company can also be formed in a joint venture."
Savills, which does not have a presence in India, is the most likely suitor for TCM for a merger, industry sources said.
CBRE, headquartered in Los Angeles, is the world's largest commercial real estate services firm. With over 24,000 employees, the company serves real estate owners, investors and occupiers through more than 300 offices worldwide. CBRE has six offices in India.
Jones Lang LaSalle, one of the world's leading real estate services and money management firms, has been operating in India since 1998 and has six offices in the country.
Savills, which is an international property services provider, has 140 offices and associates worldwide.
TCM has a share of about 15 per cent of the total Rs 1,200-1,500 crore organised property consultancy business in India, the official said.
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