International advisory firm BNP Paribas Real Estate has acquired Strutt & Parker, one of the UK’s largest independent property partnerships.
The deal, which will be completed in September 2017, will merge the UK subsidiary of BNP Paribas Real Estate with Strutt & Parker, which currently numbers 60 offices across the UK.
'We are delighted to have this opportunity to create a new major real estate player that combines the skills of our two companies,' commented Thierry Laroue-Pont, CEO of BNP Paribas Real Estate. 'This combination will enable us to offer our clients, all over the world, a broadened and deeper expertise as well as new, even more innovative services and solutions. In this new stage of development, we shall carefully take into consideration the expectations of both groups’ employees and clients.'
'I am very keen on the idea of uniting our brand with the strength of BNP Paribas Real Estate. It gives us a distinguishing feature and a new impetus in a constantly-evolving global market. I have been impressed by the respect that they have shown for our values, and by their emphasis on the relationship with employees and clients across all our business sectors,' said Andy Martin, senior partner at Strutt & Parker.
'This merger not only creates attractive commercial real estate opportunities, but also opens up new prospects in the rural and residential sectors thanks to the size and strength of the group that we are creating together.'
Strutt & Parker is currently the second biggest player in the UK rural market and third in residential, which BNP Paribas said represented 'a new service offering for the UK subsidiary of BNP Paribas Real Estate'.
Strutt & Parker’s residential, rural, development and planning teams will continue to operate under the Strutt & Parker brand, whilst the commercial arm of the business will operate under the BNP Paribas Real Estate brand.
