Deloitte creates £110m real estate group

Deloitte has set up a £110m real estate arm after sealing a deal with the UK’s oldest property advisory firm.

The firm said it aimed to create a new model in the real estate advisory market with the addition of Drivers Jonas.

The combined Real Estate Group will have annual revenues in excess of £110m, the firm said.

The deal will see more than 650 Drivers Jonas staff 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.

Shepherd will also join the Deloitte Executive.

The group will also form part of Deloitte’s wider £200m Real Estate industry team, which specialises in providing professional services to real estate clients.

John Connolly, senior partner and chief executive of Deloitte, said:

"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 for providing the highest quality independent advice in this market."