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The UK property consultant is merging with accountancy firm Deloitte in a pioneering link-up that aims to offer integrated services to clients
UK-based property consultant Drivers Jonas is to join accounting giant Deloitte in an merger that is unprecedented in the real estate advisory sector.
In a deal announced last week, Df will be rebranded as Drivers Jonas Deloitte. The agent's business will become part of Deloitte's corporate finance division.
DJ 's 25 equity partners will join the accountant's 670-strong UK equity partnership by 31 March. Deloitte chairman and UK chief executive John Connolly says that no money had changed hands in the deal.
The DJ partnership, which was founded 285 years ago, has 650 staff and reported revenue of ¿95.7m last year. Deloitte's existing real estate advisory business of 40 people, led by three partners, had a turnover of around /14m.
"We started to look at the real estate sector three or four months ago. We identified DJ as very much the firm that would make an exciting addition to Deloitte. Frankly I just approached them," says John Connolly, Deloitte's chief executive.
"We are very excited about creating a new model for the sector. This will take advantage of our skills in tax, restructuring, corporate finance and consulting, and blend those with the skills of one of the top real estate firms.
"Deloitte and DJ have worked alongside each together over many years.... The big challenge in a people business is to win over hearts and minds," says Connolly, who first approached DJ managing partner Nick Shepherd last autumn.
According to Shepherd: "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 stnicturing advice in this way to UK and international investors and occupiers."