Strong profits at BNP Paribas Real Estate
BNP PARIBAS Real Estate enjoyed a strong performance in 2011 despite tougher market conditions, posting an 11 per cent rise in operating profits to €156m (£130.8m).
The real estate advisory arm of France’s biggest listed bank – which posted full-year profits of £6bn last week – said turnover increased by six per cent to €658m in the period.
The group, which derives 64 per cent of its revenues from France, 11 per cent from Germany and 11 per cent from the UK, said its commercial property development generated record business volumes of €851m, up 78 per cent compared to 2010.
Its transactional business grew turnover by nine per cent to €176m in the year, with France accounting for 51 per cent.
Philippe Zivkovic, President of BNP Paribas Real Estate, warned 2012 “will be a more complex year” but pointed to “undeniable advantages” including its strong property development pipeline for offices and residential.
The firm was appointed last year to lease Stratford’s International Quarter by LendLease and the Olympic Legacy and also transacted on three of the biggest deals in London, including acquiring space for the European Medicines Agency in Canary Wharf.