Jones Lang Lasalle- (JLL)-has approximately 170 offices worldwide and operates in more than 700 cities in over 60 countries. With 2007 revenue of $2.7 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.2 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse real estate money management firms, with approximately $49.7 billion of assets under management. Jones Lang LaSalle Incorporated was founded in 1997 and is headquartered in Chicago, Illinois.
While I believe that the sector itself has a long way to go on the downside,this company can weather the storm.
Its major competitor C B Richard Ellis is up to its neck in debt whereas JLL has a debt:equity ratio of 0.516.
It is currently trading below book value and has a PEG of 0.61.It is currently down 72% from its 52 week high.This pick is in accordance with my strategy of buying undervalued assets in bear markets and holding them.
$20.25 (12/03/08)
