Global real estate consultancy JLL has strengthened its position in the UK retail property market following the acquisition of London-based specialist advisory firm KLM, expanding its capabilities across retail leasing, property investment and strategic consultancy. The acquisition will see 17 members of KLM’s team join JLL, bringing together specialist retail property expertise and established client relationships to create an enhanced advisory platform serving landlords, investors, developers and occupiers across London and the wider UK. The move reflects JLL’s continued investment in the retail sector at a time when demand for physical retail space remains resilient, despite ongoing economic pressures and changing consumer spending patterns. KLM is an established retail property agency and lease advisory specialist, with a strong presence across London’s commercial property market and regional retail destinations. Its client portfolio includes prominent organisations such as The Crown Estate, the South Kensington Estate and Pret a Manger, demonstrating its experience in advising major property owners and retail occupiers. By integrating KLM’s specialist knowledge with its international real estate platform, JLL aims to strengthen its ability to support clients across retail leasing, investment transactions, asset strategy and wider property advisory services. Renewed Confidence in the UK Retail Property Market The acquisition comes as the UK retail property sector continues to evolve, with landlords, developers and occupiers increasingly focused on securing high-quality commercial space in established shopping destinations. JLL believes consumer spending has remained stronger than anticipated, despite wider economic challenges, supporting continued demand for physical retail accommodation. The consultancy attributes part of this resilience to households reducing their savings rates to maintain spending levels despite relatively weak income growth. Although economic headwinds remain, JLL anticipates that UK consumers could demonstrate continued resilience through the final quarter of 2026 and beyond. This outlook reinforces the importance of physical stores within retailers’ wider commercial strategies, particularly in prime high street locations, shopping centres and established retail destinations. For the commercial property and construction sectors, sustained demand for retail space can support investment in store refurbishments, commercial fit-outs, property repositioning and the redevelopment of existing retail assets. Expanding JLL’s Retail Advisory Expertise Matthew Richards, UK Chief Executive Officer at JLL, highlighted the strategic importance of the acquisition and its contribution to the company’s retail property capabilities. “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,” he said. “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.” The addition of KLM will provide JLL with further specialist knowledge of retail leasing markets, landlord and tenant relationships, and commercial property investment opportunities. The acquisition also strengthens JLL’s ability to advise international retailers seeking to establish or expand their physical store networks within the UK. As retailers continue reviewing their property requirements, access to detailed market knowledge and strategic advice is becoming increasingly important in identifying suitable locations and negotiating commercial leasing arrangements. KLM Team Joins Global Real Estate Platform For KLM, joining JLL represents an opportunity to combine its established retail property expertise with the resources and international reach of a global real estate consultancy. James Andrews, Partner at KLM, welcomed the acquisition and highlighted the opportunities it would create for the firm’s clients and employees. “Joining JLL represents an exciting opportunity for our team and clients,” he said. “JLL’s global platform, resources, and commitment to the retail sector will enable us to deliver even greater value to our clients.” Andrews added that the team looked forward to contributing to JLL’s retail platform while maintaining the specialist expertise and client relationships that have supported KLM’s development. The acquisition is expected to create opportunities for closer collaboration between retail agency, investment advisory and other property consultancy disciplines. Supporting Retail Investment and Property Development Paul Marshall, Head of Retail Agency at JLL, said the acquisition demonstrated the company’s commitment to investing in areas where it holds a competitive advantage. “KLM brings specialist retail capability and long-standing client relationships that complement our existing platform with minimal overlap,” he said. “Together, we can compete at scale and deliver a holistic view of the retail sector across the built environment.” Marshall also highlighted the growing demand among clients for consistent advisory services and specialist retail expertise across Europe, the Middle East and Africa. For property owners and developers, the integration of the two businesses will provide access to a broader range of services supporting retail asset management, leasing strategies, investment transactions and commercial property performance. The acquisition also reflects the increasing importance of combining local market expertise with international investment knowledge, particularly as major retail destinations compete to attract occupiers and maintain long-term commercial value. With 17 KLM specialists joining its UK operations, JLL is positioning itself to capture further opportunities within the retail property market, strengthening its ability to advise on everything from individual retail units and high street portfolios to major shopping destinations and mixed-use commercial developments. The transaction represents another significant development within the UK property consultancy sector, underlining continued confidence in the long-term importance of physical retail environments and the specialist expertise required to manage, invest in and develop them. Building, Design & Construction Magazine | The Choice of Industry Professionals

Stepnell has secured a place on Pagabo’s new £26bn Developer-Led Framework, creating new opportunities for its dedicated property arm, Stepnell Developments Ltd, to partner with public-sector organisations to deliver vital estate rationalisation projects involving the repurposing and redevelopment of operational and surplus property assets. The appointment to Lot 5, covering commercial projects worth up to £50m across the Midlands, South West and South East, will allow Stepnell Developments to lead the delivery of complex, developer-led schemes under Stepnell Group. The appointment sees Stepnell as one of nine suppliers in Lot 5, bringing the total number of appointed suppliers to 52 across all lots. Managed by Pagabo on behalf of centralised procurement authority YPO, the appointment will build on Stepnell Group’s extensive experience collaborating with public sector clients and stakeholders. The framework will run over a four-year term, used by councils, NHS trusts, housing associations and education clients procuring complex regeneration and development projects through compliant routes. David Whitlock, development director at Stepnell Developments, said: “Securing a place on the Pagabo Developer-Led Framework is an important but natural step for the wider group, supporting our ambition at Stepnell Developments to work more closely with public-sector landowners and explore development opportunities where our capabilities across development, investment, construction, and energy can add real value. “It’s a brilliant opportunity to build on this experience and further develop our two-way collaboration with Pagabo and its partners to drive the best possible outcomes through the framework. This includes aligning closely with Pagabo’s digital agenda, and we intend to leverage the combined platforms and established systems to drive innovation and enable data-rich decision-making. “We are actively looking for opportunities where our commercial property development experience can help bring forward financially viable projects with the right environmental credentials, and social value. We welcome discussions with local authorities and other eligible public-sector organisations that have land or buildings with development or asset-enhancement potential.” This, the second iteration of the Developer-Led Framework provides an established procurement route for eligible public-sector organisations seeking to progress suitable development projects, subject to the framework’s scope, terms and applicable procurement requirements. Jonathan Parker, development director at Pagabo, said: “Our developer-led procurement solution is a unique market leading delivery vehicle capable of bringing client ambitions to fruition and changing the landscape of our built environment, which has also successfully driven forward the regeneration sector in recent years. “Delivering projects worth £10.7bn in gross development value and more than 36,000 new homes, while overcoming prominent challenges such as viability and risk, we’ve built on the first version of the framework and remain confident that those appointed to this next generation version will be well positioned to ensure continuous quality, value for money, collaboration and impactful social value. We’re now offering a full turnkey solution that the public sector has been crying out for.” The appointment to the Developer-Led Framework builds on the wider Stepnell Group’s recent framework success – including the appointment of Stepnell to two lots of Pagabo’s National Framework for Major Works, spanning the North West, South West, Yorkshire and the Humber, Midlands and Wales. To find out more about Stepnell Developments, visit https://StepnellDevelopments.co.uk Building, Design & Construction Magazine | The Choice of Industry Professionals