Atisreal UK, a BNP Paribas subsidiary, acquires today five profitable areas of the former Chesterton business in the City of London, Newcastle, Leeds, Southampton and Cardiff, following discussions with Grant Thornton, the appointed receiver. Atisreal acted swiftly following the announcement that receivers had been appointed, and reached agreement within 48 hours. Chesterton was a major provider of property related services across the UK, and its businesses are entirely complementary to those provided by Atisreal
This acquisition enables Atisreal to enhance its service offering and presence in the important City of London market, to consolidate and add critical mass to its recently opened office in Cardiff, and to expand its operations into the new markets of Leeds, Newcastle and Southampton.
This acquisition is in line with the strategy of Atisreal to expand its UK operations through a combination of organic growth and acquisitions. The deal announced today will increase Atisreal's turnover in the UK by over £10m per annum.Greg Cooke
, Chairman of Atisreal UK, says: “The UK is one of the most important markets in the European real estate sector and is a key area for investment and expansion for the Atisreal Group. We will now employ over 650 people operating from 14 offices across the UK and will become one of the top 10 real estate service providers.''
Cooke added: “We are delighted to have concluded our negotiations so quickly as it allows us to reassure the staff working in the offices concerned that their jobs are secure. The teams in all of the offices are experienced and professional people who have expertise in their local markets and are providing a first rate service to their clients. I am pleased that this acquisition ensures continuity of service for those clients and a security in the knowledge that their real estate needs are now being serviced by a market leader in European real estate.''
It is an exciting opportunity not only for us, but for the former staff and clients of Chesterton who are now part of the largest property consultancy in the euro zone. We will all be working hard in the coming days to ensure that the transition for both staff and clients is as easy and smooth as possible.''
Notes to editors
1. Over 100 members of staff were employed by Chesterton in the businesses in question.
2. Turnover for the financial period ended June 04 exceeded £10m.
3. The agreed purchase price has not been disclosed.About Atisreal
Atisreal, a BNP Paribas subsidiary, is one of Europe's leading real estate property consultancies, offers a comprehensive range of corporate real estate services for all public or private sectors organisations, occupiers and investors.
Atisreal was created through the acquisition of 3 European leaders; Auguste Thouard in France, Muller in Germany and Weatheralls in the UK. It employs over 2000 staff located in 53 offices across Europe.
The Group is the leading real estate services provider in continental Europe, and number six worldwide. Atisreal's services include Brokerage, Investment & Asset Management, Consulting, Corporate Real Estate, Property & Facility Management, Valuation, space planning and project management. Arisreal's international Corporate Real Estate teams offer integrated solution for clients with cross-border property requirements.Extended International coverage Atisreal's European network is complemented by a number of international alliance agreements with corporate real estate service providers in Asia, the Americas and across other European markets. (www.atisreal.com
Atisreal UK is part of the Atisreal Group, one of Europe's leading property consultancies, which offers a comprehensive range of services to accompany the real estate strategies of its clients. About BNP Paribas
BNP Paribas (www.bnpparibas.com
) is an international financial services group, with solid roots in Europe, a significant and growing presence in the United States and leading positions in Asia.
BNP Paribas has one of the largest international banking networks, present in over 85 countries with 94,900 employees, including 70,400 in Europe.
The group has three core businesses: Corporate and Investment Banking, Asset Management & Services, and Retail Banking.