Today it is the fruit of a triple evolution

BNP Paribas real estate, subsidiary building 100 of the French Bank, remains very present in the promotion and continued its development in services in France and in Europe. Strong of its 2,600 employees in eight European countries, this cette société society generates an amount of annual fees of nearly EUR 500 million. Today, it is the fruit of a triple evolution. At the origin, the promotion of offices and homes under the brand name sucker; then the administration of property with Comadim; the transaction and the Council with the acquisition, decisive, Auguste-Thouard cabinet in 2004, become Atisreal; Finally the management of assets, the "asset management", with BNP Paribas REIM.

1Comment today practise your profession of promoter and what is the part of the promotion of your activities

Carrier market, we have advanced in the real estate business and residential construction. Thus, after 115.000 m2 construction in 2005, we are launching this year over 250,000 m2 of offices all préplacés with users or investors, a part of the surfaces being acquired by our investment fund. These buildings are mainly conducted in Ile-de-France, but in the Paca and Rhône-Alpes regions also. At the same time, we construct 2,500 houses half in Ile-de-France and the other in the same areas. To strengthen our national coverage, we open this month an Office in Toulouse. The volume of real estate development activity totals more than 1 billion euros, in slight increase from one year to another. This promotion sector represents 25 of our fees.

2Comment you expand the management of real estate assets, the "asset management"

I remember that this business of asset management is provided directly by BNP Paribas real estate through our line of business BNP Paribas REIM. We manage France 2 billion euros of assets through the SCPI for several years and we have reinforced this activity through the creation of investment funds and management of other third-party investment funds, this in France, including for the account of the investment fund Luxembourg Sireo, in Britain, for the National Grid Pension Scheme, Lafarge UK Pension Plan funds, Bolmuir Pension Fund and Crosscheck Properties and, in Belgium, on behalf of Swiss Life.

We have closed in the summer the first tranche of an investment fund in the euro area and the United Kingdom, dedicated to the acquisition of premises already in this area, in relying on the commercialization of Atisreal network and on approximately 500 million euros, according to a different procedure from that of the previous Fund, said EP1, for acquisitions in the Ile-de-France and transactions mainly by Meunier.

The proximity to the market, companies Atisreal and Meunier give the profession of "asset manager" a bargaining chip to gain access to acquisitions of real quality products in a market lacking in. In total, we practise this activity Manager 4.5 billion euros of assets in Europe, excluding BNL Immobiliare, second asset manager in Italy which in turn manages EUR 3.5 billion. All of the asset management is thus 8 billion euros of assets.

3Quel is the balance of your international development

Offshore activity is now one third of our fees. It is exercised in transaction trades Council, administration of assets in real estate business under the authority of this Atisreal to the United Kingdom, Germany, where we are leading, the Luxembourg, in Belgium, Italy and Ireland, where we have to acquire two new companies, respectively Opera Re and Harrington Bannon. In Spain we bought September 25 Groupo Gesinar, number 2 of the market, present in all our businesses, except the promotion, which class Atisreal Spain number 2 in the peninsula. Number one in the real estate business in continental Europe, Atisreal placed 4.8 million meters square in 2005 and made 22,000 expertise. In the administration of assets, BNP Paribas real estate manages also 13 million square metres of real estate business in Europe and 26.500 France housing.

Overall, we strongly oppose resolutely in development by both internal and external growth strategy and, in constant watch, study several records in this context of acquisitions.

With regard to the Italy, beyond the fact that BNL Immobiliare team will join BNP Paribas real estate in respect of the asset management, we start from now the implementation of our other three businesses: real estate with a new development team. the administration of assets with the acquisition of Nazca, and the transaction and the Council with Atisreal Italia. The Italy must be a good application of the BNP Paribas real estate model based on the synergy of all these sharp real estate professions.