€138m profit for BNP Paribas Real Estate

Jones Lang LaSalle was the only other ‘big five’ global real estate consultancy to report a profit in 2008

BNP PARIBAS Real Estate, which includes the recently rebranded Atisreal, has reported profits of €138 million for 2008. The figure is down on 2007’s record profit of €188 million.

The results are being hailed as a major achievement in the present difficult economic climate compared to its competitors with only Jones Lang LaSalle of the “big five” global real estate consultancies also reporting a profit. It had a profit of €79 million in 2008.

BNP Paribas Real Estate said its business model had “resisted the difficult market conditions thanks to its multi-expertise structure, its good balance of team, professional services and development parts of the business, and its quick reaction to worsening market conditions. The company has direct operations in 25 countries and a presence in another 125 offices across the world through alliances.

Patrick Curran, managing director of the Irish business, said the 2008 profits were very encouraging given market conditions and, without any debt, they were in a very strong position to gain market share in all the countries that they operated in.

In Ireland, in particular, their early reaction to economic conditions and the good balance between their consultancy and transactional business had meant that “we have been able to continue our focus on delivering results to our clients who are the core of our business”.

The company has been active in the Irish market for almost 30 years following the acquisition of Harrington Bannon in 2006. It was rebranded earlier this year from Atisreal to BNP Paribas Real Estate.

Curran refused to say whether he was in discussions to acquire another Irish real estate business. “In the short to medium term opportunities will arise for us in countries we are presently operating in to strengthen our position and in new countries where we are not yet present.

“If these opportunities fit with our business model, our people and the code of practice we adhere to, then we will examine each opportunity as the situation arises and make appropriate decisions at the time.”