Deloitte buys Driver Jonas to create new real estate advisory group

Deloitte, the accountancy firm, has acquired Drivers Jonas, the oldest property advisory firm in the UK, to create a 'new model in the real estate advisory market'. The deal will create a real estate group of around 700 partners and professionals, significantly extending Deloitte's capability in the market.

The combined company, with annual revenues of £110 mln (EUR 126 mln), will deliver real estate advisory and transaction expertise to the firm's clients in all markets and industries. It will also form part of Deloitte's wider £200 mln real estate industry team, which specialises in providing professional services to real estate clients.

The deal will see over 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.

'The real estate advisory market was valued at around £2 bn in 2009,' noted John Connolly, senior partner and CEO of Deloitte. 'We see a clear opportunity to combine the skills of our specialists in tax, corporate finance, business consulting and our real estate strategy team with the Drivers Jonas team which has an outstanding reputation for providing the highest quality independent advice in this market.'

Nick Shepherd, managing partner of Drivers Jonas, said that the company sees 'huge opportunity in combining Deloitte's real estate skills and wider business expertise with our full range of property and construction services'. Shepherd: '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.'

The transaction is expected to complete in March 2010.