Real estate investment and services worldwide - AUGUST … · 2020. 9. 9. · showed good...

11

R E S E A R C H

EUROPEAN LOGISTICS MARKET

LOGISTICS TAKE-UP FOR WAREHOUSES OVER

5,000 SQM

INDUSTRIAL & LOGISTICS INVESTMENT IN EUROPE

AUGUST2020 THE LOGISTICS MARKET IS PROVING RESILIENT AND

ATTRACTIVE

TAKE-UP

INVESTMENT

• Logistics has become clearly crucial and visibleto everyone as key to provide basic needs.

• During Q2, take-up dropped almost everywhereduring lockdown, apart from Poland and theUK, the latter boosted by more than half amillion sqm taken up by Amazon in variousBritish sites.

• Vacant space is expected to increase, but thepre-crisis low supply levels preventeddownward pressure on rents in Q2.

• Negotiations are likely to lead to moreincentives rather than a major decline inheadline rents.

• €13.9 billion during H1 2020. Q1 was thehighest first quarter recorded in the last 15years (€9.5bn), offset by a low Q2 (€4.4bn)during lockdown.

• The industrial and logistics market accounts for13.7% of total commercial real estate, gainingmarket shares against other asset classes.

• Prime yields hit their historical low in Q1 andstabilized in Q2 at 3.7% in Germany and 4% inFrance, the UK and the Netherlands.

Following record volumes oftransactions for 3 years in a row, 2020will inevitably show a decline in take-up. However, the logistics marketshowed good resilience during the crisisas market fundamentals remain healthywith low vacant space and strongdemand boosted by e-commerce.

Though the investment marketmaintained high volumes, it clearlydeclined in Q2. However, investorappetite is not fading as logisticsrepresents a safe, stable and attractiveasset. Prime yields remained stable inQ2 and show no sign of decompression.

-3%

-3%

Vincent RobionHead of Research - Logistics Europe

August 2020 PROPERTY REPORT

22

A SYMMETRIC SHOCK LED TO A GLOBAL RECESSION AND AN ASYMMETRIC REBOUND

GDP and Employment growth in the Eurozone

GDP growth (year-on-year change)

-10%-8%-6%-4%-2%0%2%4%6%8%

05 07 09 11 13 15 17 19 21(f)

GDP Employment

-15%

-10%

-5%

0%

5%

10%

05 07 09 11 13 15 17 19 21(f)

UK GermanyFrance SpainNetherlands Poland

Manufacturing output(year-on-year change)

-20%-15%-10%

-5%0%5%

10%15%20%

05 07 09 11 13 15 17 19 21(f)


-15%-12%

-9%-6%-3%0%3%6%9%

12%15%

05 07 09 11 13 15 17 19 21(f)


Retail sales(year-on-year change)

At the end of 2019, economists aroundthe world were sure about one thing:2020 should be a year of continuity,even better than 2019 as the systemicrisks faced by the global economy(mainly Brexit and the trade warbetween the US and China) began todiminish. The emergence of COVID-19at the beginning of 2020 took the worldby surprise with its virulence,delivering a shock just as the globaleconomy had begun to stabilise.

The first impacts of the pandemicwere a disruption to the supply chainand a decrease in domestic demandfollowing the restrictions imposed bygovernments. The lockdown measuresintroduced by European governmentshave global implications that are stilldifficult to fully measure. Indeed, asactivity and demand effectivelystopped overnight, companies werepushed towards unknown horizons,forcing governments to takeunprecedented steps to protect jobsand incomes.

The first economic data availablesince the easing of lockdown havebeen very positive. We have seen astrong rebound from the supply sideand the beginning of momentum onthe demand side. However, therecovery is not secure yet as it dependson the sustainability of demand.

The short-term impact of thepandemic on the labour market seemsinevitable and predictable, withbankruptcies and lay-offs in almostevery sector, yet the longer-term

picture is still unclear. The extent ofthe rebound in the employment marketwill have major consequences for thesustainability of the recovery. Byautumn, the main support schemeswill have ceased or been restructured,and unemployment rates may increasedramatically across Europe.Consequently, most countries arebringing forward increased spending toreflate economies and prevent adestabilising rise in unemployment.

We anticipate an asymmetric reboundwith the US growing faster than bothJapan and the broader Eurozoneeconomy. In Europe, Germany shouldoutperform other countries in theregion as its lockdown was onlypartial, and its fiscal policy should bemore effective in sustaining themomentum. In contrast, the recoveryin Spain and Italy could be draggeddown by a combination of heavier pre-crisis public deficits and indebtedness,a higher share of tourism in GDP and agreater prevalence of small andmedium-sized companies. While theUK is open for business, the threat of asecond wave of the virus in the monthsahead could weigh further on itsnascent economic recovery.

Ultimately, the coming months will becrucial for the global economy, andhousehold confidence will be one ofthe key drivers.

GDP GROWTHEUROZONE - 2020

-9%

Source: Oxford Economics, BNP Paribas


33

Occupier demand in the UK hasproven extremely resilient, Q2reaching the highest quarterly figureon record. The market was boosted byshort-term COVID-related deals andmostly by online retail representingnearly 40% of take-up over the firsthalf of 2020. Amazon alone took over550,000 sqm during H1 2020. Primerents remained stable during Q2 andlikely to stay unchanged in theforthcoming months, with probablymore rent-free periods.

In Germany, the occupier market wasmuch more subdued in the secondquarter with export-led industriesparticularly affected by the crisis. Thiswas largely compensated by strongdemand from the e-commerce sector.Take-up remained high even thoughthe volume dropped by 17% comparedto the record volume in H1 2019. Rentsremained stable overall, and evenincreased in Frankfurt, Cologne andDüsseldorf because of transactionssigned in speculative developments atwell-located logistics parks.

In France, the occupier market hasbeen slowing down. This stems fromthe economy slowing since Q4 2019and the fact that most major retailershave completed their first phase ofsupply-chain transformation. Althoughthe entire market is entering a periodof uncertainty due to the COVID 19crisis, the logistical needs of large

companies are still very evident andthe conclusion of some largetransactions is expected by the end ofthe year.

In the Netherlands, following a strongQ1 due to some very large deals,activity slowed down significantly inQ2. Most new leases were put on holddue to COVID and take-up is expectedto drop in 2020. Overall, take-updeclined by just 13% in H1 2020compared to H1 last year. The marketremained active and rents stable.

Unsurprisingly, after two exceptionalyears 2018 and 2019, the Spanishmarket dropped by 19%.Nevertheless, market activity was stilldynamic in H1 2020 despite lockdownthat was one of the toughest in Europe.In Madrid, the market outperformedthe volume of take-up recorded in H1last year boosted by a deal signed byAmazon for 75,000 sqm. Vacancy ratesremain low in Barcelona (2.4%) andValencia (3.2%).

In Poland, after a strong Q1, thevolumes achieved in Q2 were evenhigher, enabling a record volume oftransactions in H1. The market wasboosted by XXL turnkey developmentsfor e-commerce and from themanufacturing sector. Some largedeals were signed during Q2 includinga turnkey rental for 200,000 sqm in theWest of Poland. The vacancy ratedecreased slightly to 6.9%.

E-COMMERCE SUSTAINS MARKETS DISRUPTED BY THE COVID-19 PANDEMIC

Take-up for warehouses over 5,000sqm dropped by just 3% in the 21European cities monitored by BNPParibas Real Estate during H1 2020.Following record volumes oftransactions for 3 years in a row, 2020will inevitably show a decline in take-up. However, the logistics marketshowed good resilience during theCOVID crisis as market fundamentalsremained healthy with low vacantspace and strong demand boosted bye-commerce plus the necessity ofproviding essential supplies duringlockdown.

E-commerce, more than ever, is thekey driver of the logistics marketbenefiting from strong growth acrossEurope, +13% forecast in 2020.Acceptance of e-commerce as ashopping channel was boosted by therestrictions in place during lockdown inmost countries. Changes in consumerbehaviour will help increase thepenetration of e-commerce in marketswhere this has been limited so far,further boosting demand for logisticsspace.

Supply will increase despiteslowdown in the construction of newwarehouses. Supply drying up over thepast two years whilst demand stayssharp means there is a majorimbalance in the market. The crisis isaffecting all businesses and some willbe downsizing or shut down. Althoughthis may see some premises releasedback to the market, there is no majorrisk of oversupply.

Following two years of substantialgrowth, prime rents remained stableoverall in H1, caught betweeneconomic slowdown on the one hand,low supply and strong demand on theother. Currently the impact on rentsfrom COVID disruption is negligible, butwith release of space into the market,we expect more incentives and anoverall downward pressure on rents toappear.

Take-up –Warehouses over 5,000 sqm

VACANCY RATE(H1 2020)

±5%TAKE-UP

(H1 2020 vs H1 2019)

-3%

0

200

400

600

800

H1 2019 H1 2020

000 m²


4

PRIME HEADLINE RENTS – WAREHOUSES OVER 5,000 M²

Prime headline rents

≥ €90

€70-90

€50-70

< €50

Rents in €/sqm/year

1 GBP = EUR 1.1621 SEK = EUR 0.0941 NOK = EUR 0.0991 DKK = EUR 0.1341 RUB = EUR 0.142

European average

Q2 2020 vs Q1 2020

+0.4%Q2 2020 vs Q2 2019

+1.7%

57

PARIS

110

DUBLIN

176

LONDON

120HELSINKI118

OSLO

91

COPENHAGEN91

MANCHESTER

83

STOCKHOLM

91B’GHAM

76

HAMBURG86

BERLIN82

FRANKFURT84

MUNICH82

VIENNA

74

MADRID

84

BARCELONA

59

TALLINN54

RIGA57

VILNIUS

59PRAGUE

58

BUDAPEST

51

ATHENS

55

BRUSSELS

52

VENLO

50

LYON

56

MILAN

57

ROME

54

VALENCIA

47

MARSEILLE

48

BUCHAREST

43

WARSAW II41

POZNAN

45

LISBON

42

KATOWICE

20406080

100120140160180200

€/m²/year

Prime rent - Q2 2020 Range since 2010


55

Industrial and logistics investmentdeclined by just 3% to €13.9 billionduring H1 2020. Q1 was the highestfirst quarter recorded in the last 15years (€9.5bn), but offset by a low Q2(€4.4bn) caused by lockdown.

From an investment point of view thelogistics and Industrial sector remainsa bright spot, as demand for space issolid from sectors that arebeneficiaries of the COVID crisis. Evenso, we anticipate lower investmentvolumes in the industrial sector due tothe obstructions to deal negotiations.

The yield spread between offices andlogistics is still attractive, whilst thefundamentals for logistics continue tobe favourable compared to othermainstream asset classes. In thecurrent poor economic environment,investing in a sector where theprincipal structural demand driver, e-commerce, is growing by double digitsper year is very compelling.

Prime yields reached historic lowlevels in Q1 2020 and stabilized inmost countries during Q2. These arelikely to stay stable across Europe inthe forthcoming months. We expectedto see increased divergence in theperformance of different logisticssegments, but there is hardly anyevidence of price adjustments. In anycase, repricing will depend more onhow marginal the fundamentals are:location, state of the building andprevailing rental conditions.

In the UK, Industrial and logisticsinvestment has inevitably beensubdued compared to pre-crisis. Farfrom absence of demand, a key factorbehind the Q2 slowdown is lack ofsuitable investment opportunities.Prime yields have stabilized at 4% andare likely to remain unchanged overthe rest of the year.

In Germany, the logistics investmentmarket continued to thrive in H1despite the COVID crisis and thescarcity of products in the major hubs.Prime yields stabilized at 3.7% andthere are no sign of decompression.

The market was particularly dynamicin France, almost exclusively boostedby large portfolio deals, whilst it wasclearly at a standstill during lockdown.Investor appetite remains strong andinvestment volumes are likely to reachthe good levels recorded in 2017-2018as activity regains traction. Similar tothe main European markets, there isno sign of yield decompression in theshort term.

In the Netherlands, Industrial andlogistics investment declined by 10%in H1. The market was particularlyactive in Q1, but investors have beenincreasingly cautious since the COVIDcrisis and investment volumes droppedin Q2. Given current negotiations,activity is expected to pick up again inQ3.

In Spain, after two years withoutstanding volumes of investment,

the market slowed down in H1 2020.However, given current negotiations,the market could reach yet again the€1bn threshold in 2020.

In Poland, Industrial and logisticsinvestment increased sharply H1 2020thanks to several portfolios acquiredby investors from China, Singapore andSouth Africa. The market benefits fromstrong drivers including low labourcosts and the strategic positions ofunits especially along the Germanborder.

INDUSTRIAL & LOGISTICS INVESTMENT STABLE THANKS TO A STRONG Q1

Investment volume (€ billion)

Share of Logistics in Commercial Real Estate

13.5%Investment volume

(H1 2020 vs H1 2019)

-3%

0

5

10

15

20

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Industrial & logistics investment Average 2007-2020

€ billion

45%

16%

14%

7%

19% OfficeRetailIndustrialHotelOther

02468

10€ billion

0400800

1,2001,6002,000

H1 2020 2010-2019 average

€ million


6

NET PRIME YIELDS – WAREHOUSES OVER 5,000 M²

Net prime yields

≤ 4.5%

4.5%-6%

> 6%

European average

Q2 2020 vs Q1 2020

StableQ2 2020 vs Q2 2019

-25 bps

4.0

PARIS

5.1

DUBLIN

4.0

LONDON

5.1HELSINKI4.75

OSLO

5.25

COPENHAGEN4.0

MANCHESTER

4.75

STOCKHOLM

4.0B’GHAM

3.7

HAMBURG3.7

BERLIN3.7

FRANKFURT3.7

MUNICH4.5

VIENNA

4.90

MADRID

4.9

BARCELONA

7.5

TALLINN7.75

RIGA7.5

VILNIUS

5.0PRAGUE 6.25

BRATISLAVA7.0

BUDAPEST

8.5

ATHENS

5.25

BRUSSELS

4.4

VENLO

4.0

LYON

5.25

MILAN

5.5

ROME

6.0

VALENCIA

4.0

MARSEILLE

8.0

BUCHAREST

5.75

WARSAW II6.25

POZNAN

6.25

LISBON

6.25

KATOWICE

4.4

JONKOPING

3%4%5%6%7%8%9%

10%11%12%

Q2 2020 Q2 2019 Range 2007-2020


7

O c c u p i e r l o g i s t i c s m a r k e t – W a r e h o u s e s o v e r 5 , 0 0 0 s q m

C o m m e r c i a l r e a l e s t a t e i n v e s t m e n t m a r k e t

CityTake-up (000 sqm) Rents (€/sqm/yr)

H1 2020 H1 2019 Variationy-o-y (%) Q2 2020 Q2 2019

Birmingham 570 680 -16% 91 91Greater Paris 310 650 -52% 57 56London & South East 470 300 57% 176 176Lille 170 410 -59% 46 46Madrid 220 130 69% 74 74Barcelona 200 290 -31% 84 82Venlo-Venray-Eindhoven 70 280 -75% 52 50Munich 40 50 -20% 84 84Rotterdam 230 110 109% 68 68Frankfurt 170 190 -11% 82 78West-Brabant 240 190 26% 54 54Lyon 80 180 -56% 50 50Berlin 50 140 -64% 86 86Leeds 290 160 81% 76 73Manchester 250 110 127% 91 85Hamburg 80 70 14% 76 74Amsterdam 40 140 -71% 65 65Marseille 140 10 1300% 47 45Prague 270 140 93% 59 58Düsseldorf 50 60 -17% 72 65Cologne 30 20 50% 67 65Bristol 250 40 525% 94 94Total 22 Markets 4,220 4,350 -3%

Country

Commercial real estate investment € million

Industrial & logistics investment € million

H1 2020 H1 2019 Variationy-o-y (%) H1 2020 H1 2019 Variation

y-o-y (%)

United Kingdom 21,170 23,840 -11% 2,620 3,740 -30%Germany 29,370 24,420 20% 3,740 2,670 40%France 11,900 15,050 -21% 2,070 1,530 35%Netherlands 4,270 5,120 -17% 1,360 1,510 -10%Sweden 5,350 5,800 -8% 580 1,700 -66%Spain 3,530 4,810 -27% 410 570 -28%Poland 2,920 2,780 5% 1,150 410 180%Italy 3,770 5,010 -25% 280 310 -10%Norway 3,320 3,930 -16% 250 620 -60%Austria 1,000 1,560 -36% 190 0 naFinland 2,940 2,460 20% 330 220 50%Czech Republic 580 1,700 -66% 20 140 -86%Ireland 820 1,140 -28% 60 30 100%Belgium 3,120 2,190 42% 280 140 100%Romania 390 300 30% 20 0 naPortugal 1,640 1,050 56% 20 10 100%Other European countries 6,890 7,250 -5% 540 750 -28%Total Europe 102,980 108,410 -5% 13,920 14,350 -3%


8

N e t p r i m e y i e l d s – W a r e h o u s e s o v e r 5 , 0 0 0 s q m

CountryNet prime yield

Q2 2020 Q2 2019 Variationy-o-y (bps)

Austria 4.50% 5.40% -90 bpsBelgium 5.25% 5.50% -25 bpsCzech Republic 5.00% 5.50% -50 bpsDenmark 5.25% 5.75% -50 bpsEstonia 7.50% 7.75% -25 bpsFinland 5.10% 5.00% 10 bpsFrance 4.00% 4.50% -50 bpsGermany 3.70% 3.90% -20 bpsGreece 9.50% 8.75% 75 bpsHungary 7.25% 7.00% 25 bpsIreland 5.10% 5.10% 0 bpsItaly 5.25% 5.25% 0 bpsLatvia 7.75% 7.75% 0 bpsLithuania 7.50% 7.75% -25 bpsNetherlands 4.00% 4.40% -40 bpsNorway 4.75% 4.75% 0 bpsPoland 5.75% 6.25% -50 bpsPortugal 6.25% 6.25% 0 bpsRomania 8.00% 8.25% -25 bpsSlovakia 6.25% 6.50% -25 bpsSpain 4.90% 5.15% -25 bpsSweden 4.40% 4.40% 0 bpsUnited Kingdom 4.00% 4.00% 0 bps


9

DEFINITIONSLETTING & SALESTake-up: represents the total floorspace known to have been let or pre-let, sold or pre-sold to tenants orowner-occupiers during the surveyperiod. It does not include space that isunder offer.

• A property is deemed to be “takenup” only when contracts are signedor a binding agreement exists.

• Pre-let refers to take-up that waseither in the planning orconstruction stage.

• All deals (including pre-lets) arerecorded in the period in whichthey are signed.

• Contract renewals are not included

• Sales and leasebacks are notincluded as there had been nochange in occupation.

• Quoted take-up volumes are notdefinitive and are consequentlysubject to change.

New space: premises that have neverbeen occupied in new buildings.

Second hand space: premises thathave been previously occupied by anoccupier or vacant for more than fiveyears.

Vacant space: all completed buildingsactively seeking rental or sale tooccupiers.

New supply: all building restructuringthat adds to the existing stock. Theseare analysed according to progress.

• Completed new supply: buildingson which construction work isfinished.

• Under construction: buildings onwhich construction has effectivelybegun. Prior demolition work is nottaken into account.

• Planning permission granted:authorisation to build obtained,generally booked after settlementof third party claims.

• Planning permission submitted:planning permission requested,being processed.

• Projects: identified intention of abuilding operation for which norequest has been filed.

Speculative / Non speculativedevelopments:

• Speculative: construction launchedwithout prior rental or sale to theoccupier.

• Non-speculative: constructionlaunched after partial or completesale or rental to an occupier.

Rent: common annual headline rent,expressed per square metre per year,and excluding taxes and charges.

• Average rent: weighted average ofrented area. The average featuredis a moving average over threequarters, to smooth out thechanges.

• Prime rent: represents the topopen-market rent at the surveydate for a real estate unit andshould be representative at around3 to 5% of the market volume(sqm):

- of standard size commensuratewith demand in each location.

- of the highest quality andspecification.

- best location in a market.

INVESTMENTInitial net prime yield: ratio betweennet income (excl. operating costs) overthe purchase price including allacquisition costs.

Prime Yield: net lowest yield obtainedfor the acquisition of a unit:

- of standard size commensuratewith demand in each location.

- of the highest quality andspecification.

- in the best location in eachmarket.

Portfolio: group of several assetslocated in different places.

ASSET TYPES & LOGISTICSWarehouses: buildings intended forstorage, distribution or packaging.

• Distribution centres: national orregional used for storage located inthe outskirts of cities with goodtransport connections.

• Fulfilment centres: allowadditional activities, oftenautomation driven. Typically largerthan standard logistics to allow

other activities than storage.

• Cross-dock: Little storage time.Properties used to unload goodsand reassemble / move themdirectly for outbound distribution.

• Last mile: for city distribution.Includes a wide range ofwarehouses and storage unitsincluding older space.

• Cold storage: Storage for fresh orfrozen products, with thermalinsulation and specific equipmentas part of the warehouse. Involveshigher construction costs.

Logistics: the process of planning,implementing, and controllingprocedures for the efficient andeffective transportation and storage ofgoods, and related information fromthe point of origin to the point ofconsumption. Includes inbound,outbound, internal, and externalmovements.

Supply chain: all the elements in theprocess of supplying a product to acustomer. The chain begins with thesourcing of raw materials and endswith the delivery of finishedmerchandise to the end-user. Itembraces vendors, manufacturingfacilities, logistics service providers,distribution centres, distributors,wholesalers, other intermediaries, etc.

Supply chain management:Encompasses the planning andmanagement of all activities involvedin sourcing and procurement,conversion, and all logisticsmanagement activities.

BNP Paribas Real Estate Disclaimer clause BNP Paribas Real Estate cannot be held responsible if, despite its best efforts, the information contained in the present report turns out to be inaccurate or incomplete. This report is released by BNP Paribas Real Estate and the information in it is dedicated to the exclusive use of its clients. The report and the information contained in it may not be copied or reproduced without prior permission from BNP Paribas Real Estate. Should you no longer wish to receive this report, or wish to modify the conditions of reception of this report, please send an e-mail to: [email protected]

10

ImplantationsEUROPE

FRANCE Headquarters167, Quai de la Bataille de Stalingrad 92867 Issy-les-Moulineaux Tel.: +33 1 55 65 20 04

BELGIUMAvenue Louise 2351000 Brussels Tel.: +32 2 290 59 59

CZECH REPUBLICOvocný trh 8 110 00 Prague 1 Tel.: +420 224 835 000

GERMANY Goetheplatz 4 60311 Frankfurt Tel.: +49 69 2 98 99 0

HUNGARY 117-199 Vaci ut.A Building 1123 BudapestTel.: +36 1 688 4400

IRELAND20 Merrion Road,Ballsbridge, Dublin 4 Tel.: +353 1 66 11 233

ITALY Piazza Lina Bo Bardi, 320124 MilanTel.: +39 02 58 33 141

LUXEMBOURGKronos Building 10, rue Edward SteichenL - 2540 Luxembourg Tel.: +352 34 94 84 Investment Management Tel.: +352 26 26 06 06

NETHERLANDS Antonio Vivaldistraat 54 1083 HP Amsterdam Tel.: +31 20 305 97 20

POLANDAl. Jana Pawła II 25Atrium Tower 00-854 WarsawTel.: +48 22 653 44 00

PORTUGALAvenida da República, 90 Piso 1, Fracção 1 1600-206 Lisboa Tel.: +351 939 911 125

ROMANIA4-8 Nicolae Titulescu BlvdAmerica HouseBucharest 011141Tel.: +40 21 312 7000

SPAINC/ Emilio Vargas, 4 28043 Madrid Tel.: +34 91 454 96 00

UNITED KINGDOM 5 Aldermanbury Square London EC2V 7BP Tel.: +44 20 7338 4000

MIDDLE EAST / ASIA

DUBAI Emaar Square Building n° 1, 7th FloorP.O. Box 7233, DubaiTel.: +971 44 248 277

HONG KONG 63rd /F, Two International Finance Centre, 8 Finance Street, Central, Hong KongTel.: +852 2909 8888

SINGAPORE Pte Ltd 20 Collyer Quay, #17-04 Singapore 049319 Tel.: +65 8189 2762

Alliances*AUSTRIA

CYPRUS

DENMARK

ESTONIA

FINLAND

GREECE

HUNGARY **

JERSEY

LATVIA

LITHUANIA

ContactsHead of Logistics and Industrial EuropeThierry [email protected]

European Logistics and Industrial Letting & SalesOliver [email protected]

European Logistics and Industrial Capital MarketsJakub [email protected]

Head of European Logistics and Industrial ResearchVincent [email protected]

NORTHERN IRELAND

NORWAY

PORTUGAL

SERBIA

SWEDEN

SWITZERLAND

USA

BNP Paribas Real Estate: Simplified joint stock company with capital of €383.071.696 - 692 012 180 RCS Nanterre - Code NAF 7010 Z - CE identification number FR 666 920 121 80Headquarters: 167, Quai de la Bataille de Stalingrad - 92867 Issy Les Moulineaux Cedex

BNP Paribas Real Estate is part of the BNP Paribas Banking Group - August 2020

Real estate investment and services worldwide - AUGUST … · 2020. 9. 9. · showed good...

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