EUROPE - BNP Paribas Real Estate Property Management has acquired the central European real estate management business of AEW Europe.

BNP Paribas Real Estate has taken over the subsidiaries of AEW - namely, PBW Polska, PBW Hungary and PBW Czech Republic - as part of its ongoing expansion on the continent.

The three PBW companies were established 15 years ago and employed 70 local market specialists located in four offices in Poland (Warsaw and Gdynia), Hungary (Budapest) and the Czech Republic (Prague).

Focused on offices and shopping centres, they manage a portfolio of assets totalling 350,000 square metres and achieve a global turnover of approximately €5m.

PBW Hungary, Poland and the Czech Republic will endorse the brand of BNP Paribas Real Estate, which will increase its presence to 17 countries, not including alliance agreements.

Lauric Leclerc, chairman of BNP Paribas Real Estate Property Management International, said: "This acquisition represents an excellent platform for further development 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."

AEW Europe will retain part of the PBW teams specialising in asset management.

Eric Donnet, chief operating officer at AEW Europe, said the company was focusing on the development of its funds and asset management services.

"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."