Six partners in Jones Lang Wootton, one of Dublin's leading commercial property agencies, will become paper millionaires, if, as expected, it merges with LaSalle Partners, one of the biggest property companies in the US. The enlarged group will be the biggest of its kind in the world.

The transaction, principally structured as a share exchange, has been approved by the directors of LaSalle and is subject to acceptance by Jones Lang Wootton shareholders and partners. Under the terms of the agreement, LaSalle Partners Inc will issue 12.5 million shares to the Irish group worth over £260 million. Jones Lang Wootton's Dublin office operates one of the most profitable commercial property agencies in Ireland and has an annual turnover of £5£6 million. The six partners are Mr Alan Bradley, Mr Pat McCaffrey, Mr John Mulcahy, Mr William Tuite, Mr Anthony O'Loughlin and Mr Stephen Murray. Jones Lang Wootton has handled more than 90 per cent of the lettings and sales in Dublin's International Financial Services Centre since its establishment over eight years ago. It was also involved in letting and selling buildings in East Point Business Park in the Dublin docklands and City West in West Dublin. It is to handle lettings in a huge office development planned for George's Quay in Dublin 2. The company is property adviser to the country's largest pension fund, the Irish Pension Fund Property Unit Trust. In recent weeks it was also appointed as adviser to the Bank of Ireland superannuation fund.

The amalgamation of the two companies underlines the extent to which property investment has become a global business. Jones Lang Wootton's strengths are in Europe and Asia while LaSalle is a major player in North America.