Rob Oldham, head of Ernst & Young's real estate group, says the move may come through an acquisition, although there is also the possibility of acquiring an in-house property management team: "We have already had discussions with a number of global organisations to manage their portfolios for them," he said.

Ernst & Young traditionally offers accountancy and consultancy services, and is thought to be expanding into management in order to capitalise on the rapid growth it has enjoyed in its real estate, IT and strategic property management areas. It could create an attractive 'one stop' consultancy, accountancy and management solution.