PARTNERS at property consultancy King Sturge are in line for a £197m windfall after the business unveiled a merger with rival Jones Lang LaSalle.

An estimated 87 equity partners will share £98m when the deal closes on Tuesday and a further £99m over the next five years.

The acquisition by Jones Lang LaSalle will see the combined business become the biggest property consultancy in the UK and continental Europe, leapfrogging competitor CB Richard Ellis, it was claimed.

Richard Batten, a joint senior partner at King Sturge, said the deal was “great news for all our staff and clients“.

Jones currently has 10 offices across the UK, while King Sturge has 24. The merged business will operate in 30 countries across Europe, Middle East and Africa and will have 2,700 staff.

All 43 King offices and businesses across Europe will be rebranded under the Jones colours, with the integration process to start as soon as the deal closes.

The companies say they complement one another because Jones leads in the London agency and investment markets, while King specialises in regional markets.

Jones’ chief executive for Europe Middle East and Africa, Christian Ulbrich, said: “The obvious strategic and cultural fit between Jones Lang LaSalle and King Sturge makes this a logical and proposition for both firms.”

The deal has sparked speculation of more takeovers or mergers in the property market. Real estate adviser DTZ is in talks with French property firm SGP.

Jones has offices in London, Birmingham, Edinburgh, Glasgow, Leeds, Manchester and Norwich. King has offices in Bath, Birmingham, London, Cardiff, Bristol, Edinburgh, Exeter, Glasgow, Leeds, Liverpool, Manchester, Newcastle, Nottingham, Plymouth and Southampton.