Deloitte sells property management arm
Published: 19 April, 2016
Asset and property management team moves to Knight Frank
Following a strategic review of its real estate teams, Deloitte has today announced the sale of its agency, lease advisory and asset & property management teams. These teams will be sold to three different property businesses with West End and City leasing, lease advisory and dilapidations transferring to Gerald Eve. The City investment team will transfer to Savills. And the asset and property management team headed by Julian Stocks will transfer to Knight Frank.
Deloitte is still exploring options for its National Investment team. The disposals have been forced by growing conflicts of interest with Deloitte’s audit business, which have restricted the potential pool of clients other parts of the firm can work for.
Nigel Shilton, managing partner for Deloitte Real Estate, said: “Deloitte Real Estate has gone from strength to strength over the past few years with resounding successes. However, the strategic review has suggested that it is no longer in the best interests of our clients or people for us to retain these parts of our real estate business.
“Our priority now is to ensure a smooth transfer process for the teams and their clients.
“Our Deloitte Real Estate business will continue to be a strong player in the market through our core real estate services in tax, audit, consulting, financial advisory, construction, planning & development and occupier advisory and these services will now be the primary focus for our future investment and growth ”