Deloitte, the global audit, consulting, tax, and advisory services group, has announced the disposal of three of its real estate units in the UK.
Deloitte said in a statement on Monday that it had decided to divest its Agency, Lease Advisory and Asset & Property Management teams in the UK following a strategic review of its real estate teams.
Stephen Peers and the London West End and City leasing teams are transferring to real estate advisory firm Gerald Eve, as will Tony Guthrie and the Lease Advisory team and Mike McChesney and the Dilapidations team.
Savills
Jamie Olley and the City Investment team will transfer to Savills. The team of four, Jamie Olley, Thomas Reeves, Jamie Binstock and David McArthur, provides investment advisory services and focuses solely on the City of London. They will relocate to Savills City Office in mid-June and work alongside Savills existing City Investment team, as part of the firm's wider Central London investment team led by Stephen Down comprising over 30 experienced investment agents.
Olley has over 18 years experience in real estate investment. Together with his team he worked with Savills in November 2014 on the sale of the Gherkin for over £700 mln to Brazilian investor Safra. Olley was also involved in advising Guy’s & St Thomas’ Charity on their acquisition of Becket House, Waterloo for £112 mln and Nomura on their disposal of 1 St Martins Le Grand for £171 mln. Clients include both international and domestic investors such as Tiaa Henderson, Land Securities, Bloomberg, Tishman Speyer and LaSalle.
Stephen Down, head of Savills Central London Investment, commented, 'This focussed team of well regarded London investment specialists, led by Jamie Olley, will be a superb addition to Savills where we continue to add to the business to fulfil our ambition to be the leading Central London Investment consultancy.'
Deloitte also announced that Julian Stocks and the Asset and Property Management (APM) team will transfer to Knight Frank. Deloitte is still exploring options for John Rodgers and the National Investment team and will announce the outcome in due course.
Comment
Nigel Shilton, managing partner for Deloitte Real Estate, said: 'Deloitte Real Estate has gone from strength to strength over the past few years with resounding successes. However, the strategic review has suggested that it is no longer in the best interests of our clients or people for us to retain these parts of our real estate business.
'Our priority now is to ensure a smooth transfer process for the teams and their clients.'
Shilton said that Deloitte Real Estate will continue to be a strong player in the market through its core real estate services in tax, audit, consulting, financial advisory, construction, planning & development and occupier advisory. 'These services will now be the primary focus for our future investment and growth,' Shilton added.
