Barbara Knoflach has called time on her three-and-a-half-year spell at French company BNP Paribas Real Estate, making way for an AXA executive to take over the reins.
Knoflach joined Paris-headquartered BNP Paribas in 2015 at a time when it was seeking to become more European and set about integrating the investment management division.
In an announcement released on Tuesday entitled 'BNP Paribas REIM's New Governance’, the company said the deputy chief executive of BNP Paribas Real Estate and global head of investment management had decided to leave the company.
In the statement, Knoflach explained: ‘My mission at BNP Paribas REIM to create a sizeable European player with a strong international management team is accomplished. Contributing to the growth ambitions of the group was a real pleasure. It was a great experience being part of one of the most exciting real estate networks in Europe. For me it’s time to move on.’
Replacing her is Nathalie Charles who joins on 1 July as global head of investment management from fellow French group, AXA. She is also nominated to become deputy CEO of BNP Paribas Real Estate. In her role, the company said she would be responsible for strengthening the strategy for the real estate investment management business and lead its ‘effective execution locally in France, Germany, Italy, Luxembourg, Belgium, Netherlands, UK and Spain, reinforcing the position of BNP Paribas REIM as a leading player in Europe'.
Thierry Laroue-Pont, chairman & CEO of BNP Paribas Real Estate, said: 'On behalf of the board, I would like to thank Barbara for the achievements under her leadership and for being a driving force for our European ambitions. I wish her all the best and for the future every success.’
He added: 'We are very pleased to welcome Nathalie. Her great experience and in-depth understanding of the entire life cycle of real estate will enable us to reach our ambitious goals in Europe. Our growth drivers include a target of €34 bn of assets under management by 2020.’
Charles has served as head of development and European country teams at AXA IM - Real Assets. Her responsibilities included overseeing all aspects of managing properties in the region, including acquisitions, disposals, lettings and development. Previously, she was managing director of corporate real estate at French electricity group EDF, where she led the asset, property and facility management activities across EDF and its subsidiaries in France. Prior to EDF, she spent 12 years at Unibail-Rodamco Group, where she held various senior positions overseeing office, retail and large development projects in the Paris region. In 2018, she was appointed Chair of the Urban Land Institute (ULI) in France.
Integration process
The timing of Knoflach’s departure is interesting. She is the subject of PropertyEU's Big Interview in the April issue, having spoken with PropertyEU during Mipim in March. During the interview she talked about BNP Paribas REIM being in the final stages of implementing harmonised processes throughout the organisation. The company is putting into place an IT system to support it.
She also gave some hints that the process of integration during her time there had not always been easy, given all the different nationalities within the 350-strong group, but she seemed pleased with the results. 'I think we are a unique player,' she said.
The daughter of a farmer in Austria, Knoflach was based mainly at BNP Paribas Real Estate’s Frankfurt office. She said in the interview with PropertyEU that ongoing adaptation was necessary, and that the current 'intellectual priority' was to 'create winning strategies for clients’. 'Having big data is one thing, but for me it's more about how to make use of that data,' she said.
BNP Paribas Real Estate said that during the past four years, Knoflach had transformed BNP Paribas REIM into a large European investment manager, growing assets under management from €22 bn up to €29 bn in 2018. 'Under her leadership, performance has been accelerated in the 3 key segments: Institutional Funds, Retail Funds and Separate Accounts/Mandates’ said the company. ‘In this last segment, clients entrusted BNP Paribas REIM with a record €2.2 bn in new mandates in 2018.'
