BNP Paribas Real Estate Property Management is continuing its growth in Europe with a new real estate management mandate for 22 assets across Germany (Stuttgart, Wiesbaden, Nuremberg, Düsseldorf, Cologne and Essen). Awarded by German Acorn Real Estate, the mandate represents 285,000 m², mainly office space, with some 250 tenants.
Founded in 2007 and based in Cologne, German Acorn Real Estate GmbH is the German corporate real-estate arm of US investment fund Oaktree Capital Management. With this new mandate, BNP Paribas Real Estate Property Management GmbH now manages some 40% of German Acorn's portfolio.
The mandate begins in January 2013 and covers rental and technical management for the buildings. With a presence in 13 countries and 50 cities, the Property Management business line of BNP Paribas Real Estate manages more than 32 million m² in commercial real estate and employs nearly 750 people.
In Germany, BNP Paribas Real Estate Property Management GmbH manages a portfolio of 800 property assets with a total area of approximately 5 million m². It employs 150 people at eight sites.
Source: BNP Paribas