Following BNP Paribas Real Estate’s merger with UK-based property management business Strutt and Parker, the new BNP Paribas Real Estate Advisory UK board has been announced.
Under the terms of the deal, BNP Paribas Real Estate, said Strutt & Parker’s current residential, rural, development and planning teams, will continue to operate under the existing UK brand name. The commercial arm of Strutt & Parker, meanwhile, will be run under the BNP Paribas Real Estate Brand.
The new BNP Paribas Real Estate Advisory UK board, is led by former Strutt & Parker senior partner, Andy Martin as Chief Executive Officer. Before the deal, Martin was reported to have been considering exiting the company.
Etienne Prongue, will operate as Martin’s deputy, while Guy Robinson has been named head of residential.
Confirming the French company’s ambition to become a bigger name in the UK real estate market, the UK-based board features mainly British executives.
“This merger is an opportunity to create a new major European adviser by bringing together the strengths and skills of two exceptional groups of people,” said Thierry Laroue-Pont, CEO of BNP Paribas Real Estate.
“Our new UK Board reflects this, demonstrating our balanced business model and ability to offer clients complete coverage in every asset type, across the UK,” Laroue-Pont added.
The deal comes as Brexit-related uncertainty is weighing on new deals and business between Europe and the UK. While UK Prime Minister Theresa May is showing signs of softening her party’s stance on a hard Brexit, talks and agreements remain hard to come by.
The BNP Paribas Real Estate deal with Strutt & Parker has been concluded for an undisclosed fee, however. It’s therefore unknown how much investment the French firm has put into this new, UK-based venture.
The details of the new board, meanwhile, also follow data published earlier Tuesday showing activity in the UK’s construction sector contracted for the first time in 14 months in September.