FRANCE - BNP Paribas is uniting all of its real estate subsidiary businesses under the BNP Paribas Real Estate brand as part of a change in strategy, it was confirmed at the Atisreal Année Immobiliere meeting on Tuesday.
The subsidiaries, including Atisreal and BNL Fondi Immobiliari, will leverage off the known BNP Paribas brand to create what officials say will be a stronger local and international presence, as well as providing a better understanding of the real estate services and with the hope of encouraging cross-selling through closer interaction with the financial teams of BNP Paribas.
Speaking at the meeting in Paris, Henri Faure, president of Atisreal International, said: "This change in brand has not come out of nowhere. It has been encouraged by answers from surveys carried out by clients. The change in brand is going to make our offerings much clearer."
Atisreal has carried out surveys in France and Germany and is currently surveying clients in the UK.
Officials insist the majority of feedback has been positive, with the only concern being whether each business will retain its independence.
The services offered by BNP Paribas Real Estate's sub-divisions include valuation, consulting, transaction, property management, investment management and property development.
The restructuring is due to be completed by June 2009. Subsidiaries in Jersey, Ireland, Belgium, Italy, Romania, Luxembourg and the United States will rebrand by the first quarter of 2009, while the core markets - France, the UK, Germany and Spain - are likely to take longer and rebrand by the second quarter of 2009.
Philipe Ziukovic, chairman of BNP Paribas Real Estate, said: "The move to a single and recognised brand as BNP Paribas Real Estate is not only meaningful for the company's positioning in its markets, but it also overtly shows our ambition and long-term vision and strategy as one group, which I believe is demonstrative of the vitality of our company.
"This re-branding is also a promise which we make to our clients internationally. I am very confident in the positive impact it will generate for them. They will have better visibility and easier access to a comprehensive range of expertise offered by a single provider," he added.
BNP Paribas acquired Atisreal UK in 2004 and Atisreal opened offices in Dubai and Bahrain last year as part of its plans to expand globally and target investors in the Middle East who want to invest in Europe.
BNP Paribas Real Estate has a turnover in 2008 of €600m and is currently present in 14 countries in Europe, the Middle East and India.
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