Property agent BNP Paribas Real Estate said the business held up well in 2012, with a modest rise in turnover despite changed market conditions.

Property agent BNP Paribas Real Estate said the business held up well in 2012, with a modest rise in turnover despite changed market conditions.

BNPPRE reported turnover of €662 mln in 2012, up 6% versus €658 mln in 2011, while the group's operating profit remained stable at €156 mln.

'BNP Paribas Real Estate has maintained excellent results in 2012, identical to its performance in 2011, in a very different market context,' commented Philippe Zivkovic, Executive Chairman of BNP Paribas Real Estate.

Turnover from commercial property deals was down slightly from 2011 levels to €173 mln, but increased in the group's largest markets - France and Germany

The property management business reported turnover of €87 mln, an increase of 5% on 2011 levels, while the investment management activities saw a 9% rise to €61 mln. At end 2012, BNPPRE had €13.1 bn in assets under management in Europe (65% for institutional investors).

In terms of development, the company was very active in 2012 with the launch of 111,000 m2 of new offices across five projects. In total, some 125,000 m2 of space was delivered in Europe last year, most of which in France.

The company expects to launch a record 319,000 m2 of new projects this year, almost 50% of which are outside France with 90% take-up in advance.

Looking ahead, BNPPRE said it will strengthen its position in Germany by developing the Investment Management and Property Management businesses and beefing up its transactions team with additional recruitment.

In the UK, the group is seeking to gain a stronger position in the transaction business. 'A targeted recruitment campaign resulted in 50 new hires in 2012. The initial effects of this strategy should come to the fore in 2013,' said Zivkovic.