BNP Paribas RE buys AEW's property management business

BNP Paribas Real Estate has strengthened its international property management business through the acquisition of the property management subsidiaries of AEW in Central Europe (PBW Polska, PBW Hungary and PBW Czech Republic), cementing its European leadership and activity in Central Europe. Financial terms were not disclosed.

The three PBW companies, achieving a global turnover of EUR 5 mln and employing 70 local market specialists were established 15 years ago, with four offices in three countries: Poland (Warsaw and Gdynia), Hungary (Budapest) and Czech Republic (Prague).

Focused on offices and shopping centres, they manage a portfolio of assets totalling 350,000 m².

'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,' said Lauric Leclerc, chairman of BNP Paribas Real Estate Property Management International.

' AEW Europe is 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. This is the reason why part of the PBW teams, specialising in asset management will stay with us at AEW Europe,' said Eric Donnet, Chief Operating Officer at AEW Europe.

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