US-listed property group JLL has acquired Ocian, a specialist real estate debt advisory firm, in a move that significantly expands its debt and structured finance capabilities in Australia and, the group says, “will solidify its leadership in providing world-class capital solutions in Australia’s evolving A$75 billion ( US$49 billion ) commercial real estate ( CRE ) debt market”.

Ocian’s co-founders Danny Kent and Darren O’Hanlon will join the property group’s debt and structured finance business to spearhead growth across Australia and New Zealand.

The transaction enhances US property group’s capital markets platform in Asia-Pacific by combining Ocian’s deep local expertise and strong client and lender relationships with its global network, proprietary database and institutional approach. Clients will now have seamless access to both Australian and international funding sources through a single integrated platform, supported by the firm’s leading equity advisory business and extensive research capabilities.

The announcement comes at a pivotal moment for the Australian commercial real estate debt market, which has matured significantly in recent years. Annual transaction volumes are estimated at approximately A$75 billion, with a growing share of activity being driven by non-bank lenders as the country’s major banks retreat from higher-risk lending.

This trend mirrors the evolution seen in other global markets, particularly in Europe and is creating substantial opportunities for both borrowers and investors. At the same time, recent interest rate cuts are stimulating refinancing activity and fuelling deal flow across both investment sales and development.

“We are seeing renewed confidence in the market as interest rates decline, reinforced by increased deal flow across investment sales and development,” adds Luke Billiau, the property group’s head of capital markets for Australia and New Zealand. “Clients are seeking more sophisticated capital solutions that go beyond the traditional brokerage platform, while demanding strategic advice on optimal capital structures and early access to opportunities.”