The property management arm of BNP Paribas Real Estate has acquired Aberdeen Property Investors Belgium for an undisclosed sum.
The deal will double BNP Paribas Real Estate Property Management’s assets under management in Belgium from 1 million square metres to 2.2 million square metres.
Aberdeen Property Investors Belgium, formerly Catella Property Management, was acquired by Aberdeen Property Investors in 2004. The integration of the new firm into BNP will be overseen by Luaric Leclerc, BNP’s chief executive officer. More than 70 BNP employees are currently working in Belgium.
The Aberdeen Property Investors group has recently acquired German fund manager Degi, so the sale of its Belgian arm may be a consolidation of its business plan. It has been rumoured that Aberdeen may also be eyeing troubled real estate investment firm, New Star Asset Management.
BNP Paribas Real Estate operates in 14 countries with 3,600 employees with a turnover of €681 million for 2007.