BNP Paribas RE to launch record 250,000m[sup]2[/sup] of office development

BNP Paribas Real Estate is launching 250,000 m² of office development in 2012, a recorded compared with the annual average of 100,000 m² over the last 10 years. The international real estate advisory arm of French banking group BNP Paribas said that 206,000 m² of offices was delivered in 2011.

Reporting its annual results for 2011, the company announced turnover of EUR 658 mln, an increase of 6 % compared to 2010. Operating profit came to EUR 156 mln, an increase of11 % on the year earlier

BNP Paribas Real Estate has six business lines: property development, transaction, consulting, valuation, property management and investment management.

The commercial development business recorded a volume of EUR 851 mln last year, up 78% on the previous year. Turnover came to EUR 87 mln, similar to 2010.

Some 196,000 m² of pre-leasing agreements and sales of projects were agreed in 2011.

The investment management business has been growing for the past three years and saw an increase in its turnover last year by more than 10% compared to 2010 to more than EUR 89 mln. The division manages EUR 12.7 bn of assets in Europe, up EUR 1.9 bn on 2010.