BNP Paribas Real Estate Investment Management said that it has completed EUR 174 mln worth of transactions on behalf of its funds during the first nine months of 2010. The figure represents almost a 20% decrease on the investment volume of EUR 215 mln reported in the same period in 2009.
BNP Paribas Real Estate Investment Management said that it has completed EUR 174 mln worth of transactions on behalf of its funds during the first nine months of 2010. The figure represents almost a 20% decrease on the investment volume of EUR 215 mln reported in the same period in 2009.
Since January, the company has carried out acquisitions worth a total of EUR 146 mln, of which the large majority (EUR 125 mln) was in office properties. In the residential sector, the French investment manager acquired seven residential projects for EUR 21 mln on behalf of its SCPI Scellier Pierre Avenir.
In the first three quarters of 2010, the group sold 36 smaller properties, mostly business premises, for a total of EUR 28 mln, BNP Paribas REIM said. The figure is half the disposal volume reported in the same period a year before (EUR 56 mln).
Jacqueline Faisant, president of BNP Paribas REIM, said that activity has been intense in the first nine months of the year, particularly in the sale of small business premises. 'We hope to re-focus the portfolios of our SCPI vehicles towards office properties able to adapt progressively to future (green) standards,' she said.