13 November 2018 – Eje Prime
BNP Paribas Real Estate already has the foundations in place to begin its activity in real estate development in Spain. The French group, which has extensive experience in this area, is preparing its structure in the domestic market to be able to increase a portfolio comprising more than 100,000 m2 of offices and more than 3,000 homes located all over Europe.
The first step taken by the company in this sense was carried out in July, when it simplified its corporate structure in Spain, as revealed by Eje Prime. At that time, the group dissolved its consultancy company (BNP Paribas Real Estate Advisory Spain) and transferred its assets and liabilities to its sister property company (BNP Paribas Real Estate Property Management Spain).
After that modification, the real estate area of the French consultancy firm had two companies in Spain: the property company and the investment company (BNP Paribas Real Estate Investment Management Spain).
The group’s Director of Development, Thomas Charvet, said in France yesterday that the real estate company is going to “accelerate” the development of assets in Europe. And Spain, undoubtedly, is one of the most mature markets in the continent in the development of office buildings and residential properties. Nevertheless, sources at BNP Paribas Real Estate España indicate that “the company has no intention of starting that activity soon”.
With experience spanning more than 40 years in property development, BNP Paribas Real Estate has constructed everything ranging from new build projects, to residences with special services to “the development of new neighbourhoods”, according to its website in France (…).
Presence in half of Europe
Spain is one of the few leading companies in Europe where BNP Paribas Real Estate has not undertaken any real estate development, yet. As well as France, the company also has a presence in Germany, the United Kingdom, Italy, Portugal and Luxembourg (…).
New faces for the new roadmap in Spain
All of the internal changes that BNP Paribas Real Estate has carried out in Spain in recent months have a common denominator: the recruitment of Frédéric Mangeant as the new CEO at the beginning of the year. The real estate firm has made several new hires since then to lead its different areas. Between May and June, Mangeant recruited five experienced executives in the real estate sector to lead the various lines of business that the consultancy firm operates in the real estate sector (…).
A giant with 33,500 homes under management in Europe
Spain could become another major market for the real estate arm of BNP Paribas. Taking advantage of the boom in the economy and, therefore, in the domestic real estate market, the French bank will put its efforts into growing in the country through its different lines of business.
BNP Paribas Real Estate is a giant in the sector, with more than 33,500 homes under management in Europe and 30.6 million m2 of real estate assets under management for third-party companies in Europe.
Original story: Eje Prime (by J. Izquierdo)
Translation: Carmel Drake