JLL Spain is acquiring Tasaciones Hipotecarias (TH), the regulated real estate valuation subsidiary of BNP Paribas Real Estate Spain. This sale, authorized by the Bank of Spain, allows BNP Paribas Real Estate Spain to comply with Spanish law 1/2013 of 14 May 2013 on the ownership of real estate subsidiaries in respect of mortgage lending, requiring financial institutions to limit their stake in regulated real estate valuation businesses to a maximum of 10%. The price of the transaction is not public.
Tasaciones Hipotecarias has been present in the valuation market in Spain for over 30 years. It employs 43 people in six cities (Madrid, Barcelona, Valencia, Seville, Zaragoza and the Canary Islands) and achieves net turnover of €4.7 million.
"We are always seeking to anticipate the needs of our clients and the acquisition of Tasaciones Hipotecarias represents an important strategic growth initiative for the business in the important finance sector. This growth, alongside other recent acquisitions, allows us to reinforce our offer of real estate services which in turn helps to further cement JLL’s position as a market leader in Spanish real estate consultancy,” says Andres Escarpenter, Managing Director of JLL Spain.
"Proud of the work achieved by Tasaciones Hipotecarias teams over many years, our priority objective was to find a long-term solution preserving service continuity to customers and employees’ jobs. We are therefore pleased with the agreement signed with JLL Spain,” says Guillaume Delattre, Executive Regional Head International Advisory with BNP Paribas Real Estate. "BNP Paribas Real Estate plans to pursue its development in Spain through its Transaction, Consultancy, Non-Regulated Valuation (RICS), Property Management and Investment Management business lines.”