Deloitte expands into commercial property with Drivers Jonas deal

Deloitte, Britain’s second-biggest professional services group, is to seize a foothold in the £2 billion commercial property consulting market by acquiring one of Britain’s oldest real estate firms. The ‘big four’ accountant will merge its real estate practice with Drivers Jonas, the UK’s eighth-biggest commercial property adviser. The new unit will have revenue of £110 million and 700 staff, but John Connolly, Deloitte’s chief executive, who forged the deal, said that fee income is expected to more than double to £250 million within three years. Mr Connolly said that Deloitte identified Drivers Jonas as the most attractive target in the commercial property market because of its size, profitability and reputation.