Deloitte China acquires Hong Kong architecture firm WCWP in nod to expansion in real estate, infrastructure advisory services

By Cheryl Arcibalcheryl.arcibal@scmp.com / https://www.scmp.com/business/companies/article/3023980/deloitte-china-acquires-hong-kong-architecture-firm-wcwp-nod?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | September 11, 2019 11:57 AM SGT
Deloitte China has acquired Hong Kong architecture firm WCWP International Limited for an undisclosed amount, in a deal described by an insider as "niche", but one that points to a future where consultancy firms offer in-house real-estate advisory services as well.
The acquisition will significantly enhance Deloitte's advisory services in real estate, infrastructure and reorganisation, while WCWP will enjoy access to a wider market.
"More than ever, our clients are looking for a one-stop shop experience, especially when it comes to mergers and acquisitions, infrastructure investment and real-estate projects," said Edmund Yeung, financial advisory managing partner at Deloitte China.
The deal points financial advisory services and architecture "to an innovative new direction to create a totally new field", said Barry Will, executive director at WCWP. The firms have worked together on projects before.
WCWP, the firm behind projects such as Conway Mansion in Mid Levels, the DBS headquarters in Central and commercial complex Century Link in Shanghai, will keep its name, but become a member of the Deloitte group. No other details were provided.
Edmund Yeung, the financial advisory managing partner at Deloitte China. Photo: Handout
The interest of consultancies in architecture firms has been anticipated, said Greg Pearce, managing director of Hong Kong-based architecture and interior design firm One Space.
"As early as two years ago, we had been told by professionals in this field that this was a model being pursued by advisory firms, and I think that this is still a niche acquisition ... [but] it's a growing field and I reckon it's something which we will see more of," he said. One Space also provides consultancy services to a big advisory firm.
The two areas where architecture firms will enhance the services of consultancies are workplace strategy and design, and urban growth strategies.
"This acquisition,...