Deloitte expands property offering with DJ acquisition
DELOITTE has acquired property advisory firm Drivers Jonas, significantly extending its capability in the real estate market.
The firms said the move will create a new model in the real estate advisory market, with a business group of around 700 partners and professionals, and annual revenues of more than £110m.
The deal, which is expected to complete in March, will see more than 650 Drivers Jonas partners and employees join Deloitte.
Nick Shepherd, managing partner of Drivers Jonas, will become managing partner of the real estate group, which will trade as Drivers Jonas Deloitte.
He said:”The merger of our partnership with Deloitte provides our real estate teams with a fantastic platform from which to build our advisory business and further develop our service offering in the capital markets.
“The wider Deloitte business gives unparalleled access to international investors, property companies, sovereign wealth funds and high net worth individuals, who play such a key role in the operation of the capital markets.”
Mr Shepherd added that the immediate goal of the newly merged business was to double the size of our business in three years.
He also said that this was the “perfect time in the cycle” to make the change, adding that he expected to be “very busy” hiring and acquiring in the short term.
He said: “No competitor will be able to provide an integrated offer combining real estate knowledge, tax, finance and structuring advice in this way to UK and international investors and occupiers.
“With real estate capability as comprehensive as any in the market place, and exceptional insight into the wider business needs of clients, Drivers Jonas Deloitte will be fundamentally different from any other property business.”
John Connolly, senior partner and chief executive of Deloitte, said: “This is a very exciting transaction, which will truly differentiate us in this sector. Together Deloitte and Drivers Jonas will offer an unrivalled breadth and depth of services and expertise.”
In November, Drivers Jonas announced it had hit a record turnover of £95.7m in the UK, with profits of £21m.
The Manchester office, which employs more than 80 staff, saw its turnover rise following its appointment on major schemes such as the new Chetham’s School of Music buildings and the redevelopment of Old Trafford Cricket Ground.
Other clients include Ask Developments, Manchester City Council, Spinningfields developer Allied London, Manchester Airport, and Cityco.
