BNP Paribas Real Estate strengthen its international property management business through the acquisition of the property management subsidiaries of AEW in Central Europe (PBW Polska, PBW Hungary and PBW Czech Republic), cementing its European leadership and activity in Central Europe.
These three PBW companies, achieving a global turnover of €5 million and employing 70 local market specialists have been established for fifteen years, with four offices in three countries: Poland (Warsaw and Gdynia), Hungary (Budapest) and Czech Republic (Prague).
Focussed on offices and shopping centres, they perform the property management of a portfolio of high quality assets totalling 350,000 sq m.
"This acquisition represents an excellent platform for further developments of our international business. It allows us to benefit from the expertise of local teams, led by Csongor Csukas in Hungary and Czech Republic and by Antoni Krzatala in Poland, associated with the visibility of this portfolio of prime assets", says Lauric Leclerc, chairman of BNP Paribas Real Estate Property Management International.
"AEW Europe is focusing on the development of Funds and Asset Management. With this transaction we want to capitalise on the teams in place, to strengthen our ties with a major global player in Property Management in Europe and enhance the value of the assets owned by our investors. This is the reason why part of the PBW teams, specialised in asset management will stay with us and join AEW Europe", said Eric Donnet, Chief Operating Officer at AEW Europe.
PBW Hungary, Poland and Czech Republic will endorse the brand of BNP Paribas Real Estate, which will increase its presence to 17 countries, not including alliance agreements.About BNP Paribas Real Estate
BNP Paribas Real Estate is a leading international real estate provider, and the market leader in Europe, in terms of results. It offers clients a comprehensive range of services that span the entire real estate lifecycle: property development, transaction, consulting, valuation, property management and investment management.
BNP Paribas Real Estate has local expertise on a global scale through its presence in 17 countries across Europe, India and Middle East with 3,300 employees in 129 offices. BNP Paribas Real Estate is a subsidiary of BNP Paribas, one of the world's six strongest banks in the world according to Standard & Poor's.
For more information: www.realestate.bnpparibas.comReal Estate for a changing worldAbout AEW Europe
AEW Europe is one of the pre-eminent European real estate investment managers with over 250 professionals operating from 11 offices in Barcelona, Bucharest, Budapest, Düsseldorf, London, Luxembourg, Milan, Paris, Prague, Stockholm, and Warsaw.
AEW Europe together with its U.S. and Singapore affiliates have approximately €30 billion in gross assets under management, are a subsidiary of Natixis Global Asset Management and constitute a broad, well-established network of relationships with property investors, owners, developers and lenders across the globe.