Drivers Jonas LLP, the oldest firm of real estate advisors in the world, is to merge with Deloitte, the business advisory firm. The merger will create one of the largest real estate businesses in Europe, with a “Drivers Jonas Deloitte” group of around 700 partners and staff. In what will be a new model in the real estate advisory market, the merger will revolutionise how property services are provided.
The combined Real Estate Group, with annual revenues in excess of £110m, will deliver real estate advisory and transaction expertise to the firm’s clients in all markets and industries. It will also form a critical part of Deloitte’s wider £200m Real Estate industry team, which specialises in providing professional services to real estate clients.
The deal will see over 650 DJ partners and employees join Deloitte in an innovative move for an accountancy firm. Nick Shepherd, Managing Partner of Drivers Jonas, will become Managing Partner of the Real Estate Group, which will trade as Drivers Jonas Deloitte, and he will join the Deloitte Executive.
Nick Shepherd, Managing Partner of Drivers Jonas, commented: “This is a merger of two premium brands and two top performing teams, each already delivering huge market impact. The merger of our partnership with Deloitte provides a fantastic platform from which to build our advisory and transactions business and further develop our service offering in the capital markets through greater leverage and a more substantial capital base.
“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. We see huge opportunity in combining Deloitte’s real estate skills and wider business expertise with our full range of property and construction services. 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 a real estate offer as comprehensive as any in the market place, and fully integrated to meet the wider business needs of clients, Drivers Jonas Deloitte will be fundamentally different from any other property business. I’m excited to be leading such a talented team in creating a new approach to the real estate market, with the immediate goal to double the size of our business in 3 years.”
He added: “Now is the perfect time in the cycle to make this change, and we expect to be very busy hiring and acquiring in the short term. We see this as an excellent opportunity for our staff to flourish in the wider dynamic, progressive and forward thinking Deloitte environment. Both practices are committed to their people and this is reflected in us both appearing in the higher tiers of “Best Companies to Work for”.
“We are certain that our clients will benefit from the wider palette of professional services and business insight this combination will offer, building on the exceptional quality of service they experience from both DJ and Deloitte. This merger keeps DJ’s name in the market, something both parties wanted to maintain.”
John Connolly, senior partner and chief executive of Deloitte, commented: “The real estate advisory market was valued at around £2bn in 2009. 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 providing the highest quality independent advice in this market
“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. DJ is notable for the scale and strength of its transaction and advisory services, and the quality and independence of its real estate research, making it the obvious choice to significantly extend Deloitte’s real estate offer. The combination of DJ’s high calibre people and position in the market with the considerable expertise and breadth we already offer in this field, will give clients access to a compelling, independent, real estate proposition. Deloitte and DJ have worked alongside each other over many years, and we have the highest regard for the culture, integrity and professionalism of their people. We are hugely looking forward to working together as one firm in the future.”
John Connolly concluded: “Our firm has a history of rapid growth through innovative moves in the market. This is a significant step in our ambition to be uniquely positioned as a provider of the broadest range of high value advisory services to support our clients. The DJ teams in France and Germany will complement the presence already established in a number of countries across Europe.”
The transaction is expected to complete in March 2010.
For further details, please contact:
Nick Shepherd, Managing Partner, Drivers Jonas LLP
Tel: +44 (0)20 7896 8396
Richard Crook, Business Development and Marketing Partner, Drivers Jonas LLP
Tel: +44 (0)20 7896 8063
Notes to Editors
About Drivers Jonas LLP
Drivers Jonas LLP (DJ) is a private independent partnership of commercial property consultants, employing more than 650 partners and staff across the UK and Europe, with a turnover of £98m. The firm has offices in London, Paris, Frankfurt, Slough, Birmingham, Manchester, Leeds, Edinburgh and Glasgow. www.driversjonas.com
About Deloitte
Deloitte LLP has over 12,000 people in the UK and revenues approaching £2billion.
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms. Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu ("DTT"), a Swiss Verein whose member firms are separate and independent legal entities. Neither DTT nor any of its member firms has any liability for each other's acts or omissions. Services are provided by member firms or their subsidiaries and not by DTT. Deloitte LLP is authorised and regulated by the Financial Services Authority.