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Big 4 firm adds to real estate capabilities

By Grace Ormsby
07 April 2022 | 1 minute read

EY Australia is amping up its real estate offering, having acquired 45 new team members through an alliance with a consultancy group entrenched in the real estate and project development space.

A statement from Ernst & Young Australia has shone a light on the inclusion of Cadence Australia into the consultancy giant’s operations.

EY Australia expects the acquisition will enable the better serving of clients “by providing end to end support, from strategic advice and procurement through to implementation and delivery”.

As part of the acquisition, Cadence managing director Matthew Gralton and directors Todd Murphy and David Riddell will join EY Australia as partners in the real estate advisory and project management team, led by Marco Maldonado.

A total of 45 Cadence staff across Australia will join the ranks of EY Australia as part of the deal, bringing EY’s capabilities in the space to over 100 professionals, which the big four said would make it “one of the largest independent teams of experts in real estate, project management and urban development advisory in Australia”.

For Mr Maldonado, EY real estate advisory and project management leader, Oceania, the increased capabilities made possible through the alliance with Cadence were spurred on by a desire to better assist clients “through these dynamic times”.

“We needed to formalise a service that reduced risk and provided end to end assistance. We had been looking for some time to join with a specialist project management provider to enhance our offering to our clients, but it had to be the right people. Cadence is that firm.

“Through the acquisition of Cadence, we will now provide end to end assistance to our clients from strategy and business case development through to procurement and implementation,” he stated.

Acknowledging it as “very exciting for our people”, the leader said the acquisition would expose the company “to a whole new skill set and development opportunities that align with future flexibility and unique ways to deliver projects, as well as some of the most interesting projects being undertaken in Australia”.

“And they are a great cultural fit, which is so important at EY,” he added.

Cadence’s Mr Gralton has conferred, stating that joining with the giant gives them access to new skills and expertise: “We’ve been considering for some time, how we can continue to grow our business and provide more opportunities for our people, and EY Australia has offered us that and more.”

EY regional managing partner and chief executive, Oceania, David Larocca has also hinted at the Cadence acquisition forming part of a broader global strategy to create “a world-class transaction capability”.

He said: The Cadence team will enhance and broaden our market-leading real estate advisory and project management capability, enabling future growth.”

Big 4 firm adds to real estate capabilities
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ABOUT THE AUTHOR


Grace Ormsby

Grace Ormsby

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.

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