Professional services group Deloitte has announced an expansion into commercial property. They are looking to create a strong position for themselves in the £2 billion commercial property consulting market and have recently acquired Drivers Jonas. Drivers Jonas is one of the UK’s oldest property and estate firms, and the eighth biggest in Britain.
However, money will not be changing hands during this deal. The partners at Drivers Jonas will simply be incorporated into the Deloitte partnership, meaning a possible rise in earnings.
Deloitte has grown to triple its size in just over ten years since John Connolly’s take over as chief executive. John Connolly is incidentally set to end his term as chief executive in the next year, and this is his second merger this month after Deloitte acquired information provider ReportSource.
The decision to move into the commercial property market was taken when John Connolly reviewed the firms strategy options and saw commercial property as a possible goldmine for investment for the accounting firm.
The reputation and profitability of Drivers Jonas made it an ideal target for acquisition in the market, according to john Connolly.
The recent boom in demand for commercial property and office space in London after the recession proves to be lucrative for many investors who play their cards right, and continued investment means a bright future for the capital and the rest of the UK.