The real estate arm of the French international banking group BNP Paribas is developing its first asset in Germany as part of an international expansion plan.
BNP Paribas Real Estate (BNPPRE) said it intends to develop a 24,000sqm office scheme, known as 99 West Tower, in Frankfurt as it continues the international expansion of its real estate development business.
BNPPRE said it has acquired a 2,460sqm plot in the Westend District of Germany’s financial centre on which to develop the scheme.
Having been a developer in France for the past 45 years, BNPPRE said it intends to strengthen its pan-European presence and has notably identified high potential for property development in Germany.
Thomas Charvet, the general manager of BNPPRE, said: “After having expanded the property development business line, notably with the Google headquarters in London and those of Banca Nazionale Del Lavoro in Rome, our teams demonstrate their pan-European expertise again with the 99 West Tower project.
“The launch of this large-scale scheme is a compelling illustration of our ambitions in Germany for this business line.”
As part its expansion plan, BNPPRE opened a local office in Frankfurt at the beginning of April and appointed Martin Fässle as technical director for Germany.