EUROPE – The European chairman of property firm Jones Lang LaSalle, Robin Broadhurst, is to retire following a decline in revenues in the region.

“Jones Lang LaSalle announced today that its European chairman, Robin Broadhurst will retire from the firm at the end of 2003,” the firm said in a statement. He joined Jones Lang Wootton in 1969 and became European chairman of the merged Jones Lang LaSalle in 2000.

The departure follows a seven percent decline in European revenue to 71.3 million dollars in the first quarter - in local currency terms. European revenues have been hit by what the firm has called the “difficult economic environment in Europe”.

Broadhurst said: “As I move into the next phase of my career, I look forward to closely following the firm's continued progress.”

A spokeswoman said it was "simply not the case" that Broadhurst was leaving due to falling European revenues.

"He is retiring following a long career with the firm spanning over 30 years, this has nothing to do with the firm's share price, the two issues are completely unconnected," she said.

The firm's shares have shed around 15% of their value in the past year.

Chris Peacock, chief executive, added: "Robin has brought a huge amount of experience and knowledge to the company during the last 34 years.