21 February 2012
BNP Paribas Real Estate - Results 2011
Annual Results for BNP Paribas Real Estate: 2011: a good year, with increased turnover of 6% €658m of turnover*, an increase of 6 % compared to 2010, €156m of operating profit**, an increase of11 %
"BNP Paribas Real Estate has performed well in 2011, increasing performance from 2010, despite the market having become more difficult. These good results were obtained through our six international business lines: Property Development, Transaction, Consulting, Valuation, Property Management and Investment Management," comments Philippe Zivkovic, Executive Chairman of BNP Paribas Real Estate.
The results are broken down as follows:
1 Per business line:
2 - 35% Property Development (commercial property and residential) and 65% Real Estate services (Transaction, Consulting, Valuation, Property Management and Investment Management),
3 - 37% of recurring fees (Consulting, Valuation, Property Management and Investment Management) and 63% non-recurring fees (Transaction, Property Development - commercial property and residential).
2 By Sector:
78% Commercial real estate and 22% residential
3 By country:
64% in France and 36% international (including 11% in UK, 11% in Germany and
7% in Italy).
* Turnover includes
For property services: Transaction, Consulting, Valuation, Property Management and Investment Management.
For development: the management fees and share of the margins when operations are sold
Earnings before interest, taxes, depreciation and amortisation
Results 2011 – Outlook 2012 by business line
1/ Property Development - commercial property
The year 2011 saw a great commercial success with a business volume of €851 million, up 78% compared to 2010, and a turnover of €87 million (stable compared to 2010). In 2011, 206,000 sq m of offices were delivered in Europe and 250,000 sq m will be started in 2012, a record result compared to the annual average of 100,000 sq m over the last ten years. Another highlight of 2011 is the strong pre-leasing/sales of projects, with 196,000 sq m reserved.
2/ Transaction - commercial property (lettings & sales and investment)
In 2011 Transaction in commercial property has grown its turnover by 9% to over € 176 million (51% in France and 49% internationally). 3,900 transactions, half in France (6.7 million sq m) including €7 billion of investment volume, with nearly half in France where 11 transactions of over €100 million were completed.
3/ Property Management
2011 turnover was €83 million (+10% compared to 2010). BNP Paribas Real Estate now manages 31 million sq m in the 13 countries where this line of business is present (across offices, logistics or retail space and restaurants) with nearly 14 million sq m managed in France.
4/ Investment Management
The Investment Management business, growing for 3 years, saw an increase in its turnover in 2011 by more than 10% compared to 2010 to more than € 89 million. The Investment Management business manages €12.7 billion of assets in Europe, up €1.9 billion compared to 2010.
5/ Consulting and Valuation
Turnover for Consulting and Valuation reached €76m in 2011, well balanced between Consulting (€37m) and Valuation (€39m). These results were led by UK (39%) followed by France (14.5%)
1 Valuation: 76,300 valuations completed in 2011 (including 14,500 in France).
2 Consulting: teams have completed nearly 250,000 sq m of projects ranging from 2,000 sq m to 40,000 sq m
6/ BNP Paribas Residential
BNP Paribas Residential includes property development activity and the transactional and management services of residential property
Residential turnover came to to almost €143 million in 2011, an increase of 17% compared to 2010.
1 A robust performance with 2,630 housing starts (60% in the Ile-de-France and 40% in the regions) and 2,600 delivered in 2011. Another highlight of 2011 was the launch of this activity in Italy with the Dalia Residences program in Milan comprising 100 units which will be delivered by the end of 2013
2 The notarized sales have totalized up to €826m
3 The sales volume of residential property in 2011 was €736m, representing 2535 reservations.
Management of services residences (residences for students and Studelites for business tourism, Hipark)
In 2011, a third Hipark residence was opened in Marseilles. A fourth residence is scheduled for late 2012 in Serris-Val d'Europe. In addition, two new Studélites residences will open in Grenoble.
"2012 will be, as we know, a more complex year. However, BNP Paribas Real Estate had a number of undeniable advantages. First of all, our market leading business lines in terms of turnover, Transaction and Consulting, maintained their position as leader in two of the Eurozone countries - France and Germany - where we have particularly high market share. In addition, these business lines provide a strong network internationally across a dozen countries in Europe. Our second advantage is our very strong property development pipeline for offices and residential. Our third strength are our recurring services which are progressing continuously, Property Management and Asset Management. Finally, one of our strengths is the increasingly strong relationship between our various real estate businesses and the bank BNP Paribas that has confirmed its will to accompany our development," concludes Philippe Zivkovic.
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