BNPPRE offloads Czech arm to refocus on core European markets

In a statement, the company announced the sale of the business to 108 Agency which was retained as preferred buyer after a competitive auction and will now become the alliance partner of BNP Paribas Real Estate in the Czech Republic.

The deal follows similar sales of the local businesses in Romania and Hungary as part of BNPPRE’s plan to entrust smaller countries to local partners.

‘This change ensures continuity of coverage and excellence of services towards our pan-European clients and demonstrate our ability to serve their local needs in the CEE region as part of multi-country mandates,’ said Csongor Csukas, head of International Property Management for BNP Paribas Real Estate. ‘We are confident 108 Agency will help accelerate a dynamic pipeline and develop future cross-selling initiatives in advisory services. After successfully adapting our presence in Romania, Hungary and Czech Republic via trusted local partnerships, we will now be directly supporting our platform in Poland,’ said Laurent Boucher, Deputy CEO of BNP Paribas Real Estate in charge of advisory services in France, Italy, Spain, Ireland, Benelux and Eastern Europe.

‘We have been approached with this investment opportunity as part of a competitive process launched by BNP Paribas Real Estate over the summer and recognized this to be a great opportunity for us to further extend our service offering and share on the local market. The discussions with BNP Paribas Real Estate and its local teams in Czech Republic were led in a very professional manner throughout the process. We are extremely happy that 108 AGENCY has finally been retained as the most credible and solid partner for BNP Paribas Real Estate in the Czech Republic and look forward to our collaboration,’ added Robert Sgariboldi, head of Industrial Agency and CFO, who led the overall process and deal execution for 108 Agency.

Following closing of the deal, the company will be renamed 108 Real Estate APM CR.