Bumper pay day as King Sturge is bought by JLL

The 12 partners across King Sturge's Edinburgh and Glasgow offices will be among those benefiting from the deal.

It will see the combined business become the largest commercial property consultancy in both the UK and Europe, overtaking CB Richard Ellis. The deal is likely to have made millionaires of several senior staff north of the Border.

King Sturge has about 90 equity partners across its 43 European offices, who will enjoy their biggest pay day when the deal closes on Tuesday.

However, it is understood that employees at all levels will receive a windfall when 98 million is paid out in cash next week. The remaining 99m will be paid in phases over the next five years.

In Scotland, the combined company will have a workforce of about 140. It will be headed by Alasdair Humphery, who is managing director of JLL in Scotland. Chris Macfarlane, who was "partner in charge" of King Sturge in Scotland, will run the Edinburgh operation.

Former Scotland rugby international Andy Irvine, chairman of JLL in Scotland, will retain his title.

Macfarlane insisted that the deal was done not out of necessity but in order to take advantage of opportunities as markets around Europe recover.

The two firms are referring to it as a "merger" between King Sturge and New York Stock Exchange-listed JLL's European business, but all offices will operate under the JLL brand, consigning the 251-year-old King Sturge name to the history books,

Macfarlane said: "Of course from the Sturge end, losing the name is an emotional wrench but we have to look at the more long-term strategic review."

He added: "Bringing our two firms together makes good business sense given the highly complementary strategic and cultural fit.

"Together, we will form a much stronger team in Scotland which can only be of benefit to our clients."

Humphery would not rule out redundancies in Scotland as a result of the integration of the two businesses. "The reality is that you can never give assurances on the redundancy side of things," he said.

He argued that King Struge was a "big regional player" and would give JLL access to cities where it has no presence. JLL is a leader in the London agency and investment markets but has fewer UK offices - ten compared with King Sturge's 24.

"King Sturge will bring offices to the mix that we have never had before - the likes of Newcastle," Humphery said.

Irvine said: "Since Jones Lang LaSalle opened its doors in Scotland in 1962, the firm has established itself as one of the country's leading players in the property advisory market."This merger marks another major milestone in the firm's development, aiding future growth, enhancement of client service and its ability to attract the best people."

On a global basis, the merged company will operate in 30 countries across Europe, the Middle East and Africa, and will have 2,700 staff.

At a UK level Andrew Gould of JLL will become UK chief executive while Richard Batten, joint senior partner of King Sturge, will become UK executive chairman.

The deal has sparked speculation over further consolidation in the commercial property sector, which was hit hard during the economic downturn.

It has been reported that DTZ is in negotiations with French property firm SGP.