BNP Paribas appointed to manage German Acorn Real Estate office portfolio
BNP Paribas Real Estate Property Management, a subsidiary of the French global banking group, has been appointed by German Acorn Real Estate to manage 22 assets across the country.
Based across a number of German cities, including Stuttgart, Wiesbaden, Nuremberg, Düsseldorf, Cologne and Essen, the mandate represents a 285,000m2 portfolio comprised largely of prime office space which is already occupied by approximately 250 corporate tenants.
The Cologne based company - the central European representative of US real-estate investment fund Oaktree Capital Management – has now placed 40% of its German portfolio under the management of BNP Paribas, which has been registering sustained growth across Europe since its launch.
The properties are set to come under the management of BNP Paribas by the end of the month, with all rental and technical management services covered by the contract.
BNP Paribas now manages around 800 property assets in the country, covering a total area of 5 million m2, requiring 150 staff employed across eight regional sites. Globally, BNP Paribas manages over 32 million m2 of commercial real estate across 50 cities in 13 countries.
In other recent developments, BNP Paribas has highlighted its withdrawal from private equity by ‘spinning off’ clean energy investment team Glenmont Partners, as well as announcing to its 8000 London-based staff that it will spend up to €1bn on streamlining its operations, having cut approximately 1,400 jobs in 2012.