Strategy 6 Business Lines - realestate.bnpparibas.co.uk · Strategy 6 Business Lines Organization...

Strategy

6 Business Lines

Organization

Key figures

A unique business model

Covering the wholereal estate life cycle

Cross-functional teams

REAL ESTATEFOR A CHANGING WORLD

Client-Focused Commitments

- - - - - - - - - - - - - - - - P 10

International vision, local knowledge

- - - - - - - - - - - - - - - - P 28


- - - - - - - - - - - - - - - - P 04

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Contents

02

03

A development strategy based on a solid model

Interview

Thierry Laroue-PontChief Executive Off icer

of BNP Paribas Real Estate

How is your development plan progressing?

In 2012, we launched an ambitious development plan focusing on international expansion and services. We now carry out more than 45% of our activity and achieve 30% of our income outside France. Our development plan has taken the form of external growth and organic growth. We acquired two companies in Germany, one in Property Management and the other one in Investment Management as well as two in the Netherlands, in Transaction and in Property Management.

In Investment Management, at the start of 2013 we ranked 17th among European players. Following the acquisition of iii-Investments in Germany and our organic growth, we are now in the top 10 of European Asset Managers with nearly €18bn in assets under management.

We also opened or strengthened platforms in Asia and in the Middle East. They have already enabled us to initiate major deals with sovereign funds/family offices looking to invest in European markets.

What is different about your model?

It is both diversified and balanced.

Diversified in terms of its business lines, allowing us to provide our clients with a global response in the real estate value creation chain.

Balanced because our strong position in the United Kingdom and in Continental Europe enables us to provide our clients with the same expertise everywhere we are present.

Our internationalisation continues in Property Development. Half of our office production is outside France, particularly in Rome and London.

How does the balance sheet look for 2014 and what is the outlook for 2015?

2014 will be better than 2013 for BNP Paribas Real Estate with a 10% increase in revenues despite the uncertainty in the European economic environment.

In commercial Property Development, our projects in the pipeline are exceptional, with 400,000 sq m under construction and the finalisation of several very large projects, including CityLights (the Pont de Sèvres towers) in Boulogne and Ecowest in Levallois (West Suburb of Paris). In Germany and in the United Kingdom, we carried out a significant hiring campaign for Transaction, Investment and Letting and we will continue deployment in 2015. We strengthened our expertise in Retail /Logistics Investment and Lease Management for large accounts.

2015 will be a year full of challenges. I am very confident in our teams’ capacity to exceed our expectations.

04

Ze n o r a - I s s y - Le s- M o u l i n e a u x ( 9 2 ) / ( Pa r i s - F r a n c e ) >

A r c h i t e c t s : J e a n - Pa u l V i g u i e r a n d A s s o c i é s

• N o d a b u i l d i n g ( 2 2 , 1 0 0 m ² )

I n v e s t o r : We r e l d h a v e

O c c u p i e r : C o c a Co l a G r o u p i n F r a n c e ( H Q )

• Ve g a b u i l d i n g ( 2 6 , 4 0 0 m ² )

A c q u i r e r / O c c u p i e r : Y v e s R o c h e r G r o u p

A full range of expertisecovering the whole

real estate life cycle.

A UNIQUE BUSINESS

MODEL

06


An international network, a local presence

Present in 38 countries

BNP Paribas Real Estate makes use of an international network in 38 countries worldwide, with 17 direct offices and a network of alliances in 21 countries. This enables us to work by your side, wherever you are located. Whether you are based in Europe, in Asia, in the Middle East, or North America, our property professionals are present offering you on-the-ground service. Operating within local markets where we have in depth and specialist knowledge enables us to provide you with the right advice at the right time.

Client-focused commitments

Our objective is to establish and develop lasting partnerships. As we understand your day-to-day activities and your markets, we develop our expertise to match your needs: from planning to financing, from financing to construction, from construction to occupation, from occupation to management, from management to value enhancement.

A comprehensive service range to enhance value

Our major asset is our expertise across six business lines covering the whole property lifecycle: Property Development, Transaction, Consulting, Valuation, Property Management and Investment Management. We have experts in all of these business lines that can offer you support and guidance. Choosing to work with BNP Paribas Real Estate means gaining the benefit of across-the-board property expertise under one roof.

The strength of a recognised group

BNP Paribas Real Estate is a subsidiary of BNP Paribas Group, a European leader in world-class banking and financial services. For our clients, this gives the assurance of a trusted partner, offering stability over the long term.

07

YOU

6 complementary

business lines

BNP Paribas Real Estate combines all the expertise necessary to generate value from your property assets, at every stage in your property’s lifecycle. The aim of this wide range of services is to secure a genuine competitive advantage for you in terms of efficiency, quality of service and value creation.Depending on your requirements, you can use some, or all, of our business lines.

08

Getting to know us

662MILLIONS D'EUROSDE CHIFFRE D’AFFAIRES*

156MILLIONS D'EUROSDE RÉSULTATOPÉRATIONNEL**

RÉPARTITION DU CHIFFRE D’AFFAIRES PAR PAYS EN 2012 (%)

Italie

Autres

France

RoyaumeUni

Allemagne

7%

7%

11%

13%

62%

RÉPARTITION DU CHIFFRE D’AFFAIRES PAR MÉTIER EN 2012 (%)

Expertise

Conseil

Résidentiel

TransactionIEPromotion

IE

PropertyManagement

IE

InvestmentManagement

6%

5%

13%

13%

22%

26%15%

* Le chiffre d’affaires correspond :

- pour les services, aux honoraires de la Transaction, du Conseil, de l’Expertise, du Property management et de l’Investment Management

- pour la Promotion, aux honoraires de gestion et aux quote-parts de marges dégagées à l’avancement des travaux des opérations vendues

** résultat avant frais financiers, impôts, dépréciations et amortissements

€716MILLIONOF TURNOVER*

€164MILLIONOF OPERATINGPROFIT**

TURNOVER BREAKDOWN BY COUNTRY IN 2013 (%)

Italy

Others

France

UK

Germany

7%

7%

13%

19%

54%

TURNOVER BREAKDOWN BY BUSINESS LINE IN 2013 (%)

Valuation

Consulting

Residential Transaction(Commercial)

Property Development(Commercial) Property Management

(Commercial)

InvestmentManagement

16%

6%

6%

12%

26%

21%13%

* The sales figure corresponds to: - for services, to fees for Transaction, Consulting, Valuation, Property Management and Investment Management - for Development, to management fees and shares of margin generated as work on schemes sold progresses.** Earnings before interest, taxes, depreciation and amortization

2013 KEY FIGURES

* Services: Transaction, Consulting, Valuation, Property Management and Investment Management.

3,700EMPLOYEES

€636MILLION

This is the consolidated shareholder’s equity ofBNP Paribas Real Estate, commensurate with its business and reflecting the financial solidity ofthe company

17COUNTRIES DIRECTLY

54%OF REVENUE GENERATED IN FRANCE

37%OF REVENUE GENERATEDBY PROPERTY DEVELOPMENT (COMMERCIAL AND RESIDENTIALREAL ESTATE)

84%OF REVENUE GENERATEDBY COMMERCIAL REALESTATE

46%OF REVENUE GENERATEDOUTSIDE FRANCE

63%OF REVENUE GENERATEDBY REAL ESTATESERVICES*

16%OF REVENUE GENERATEDBY RESIDENTIAL REALESTATE

21ALLIANCES

Turnover breakdown: France / other countries (%)

Turnover breakdown: real estate services / property development (%)

Turnover breakdown: commercial / residential real estate (%)

09

10

C i t y L i g h t s - B o u l o g n e ( 9 2 - Pa r i s - F r a n c e ) >A r c h i t e c t : D o m i n i q u e Pe r r a u l t A r c h i t e c t u r e

We develop our expertise to match your needs

CLIENT-FOCUSED COMMITMENTS

“Whether you are an investor, occupier, developer, public sector or individual, we work alongside you as your real estate projects become reality.”

12

Z A C C l a u d e B e r n a r d - Pa r i s ( 1 9 t h - F r a n c e ) >A r c h i t e c t : M a t t h i a s S a u e r b r u c h

CLIENT-FOCUSED COMMITMENTS

13

WE WORK FOR YOU

“Each project is

different... We study

your needs, evaluate

the situation and find

the most efficient real

estate solutions for you.”

Investor

We are able to work together with you to build the most appropriate investment strategy for your project to optimize your property assets, throughout all market cycles. Our experts can offer you support and guidance in:

Definition of your investment strategy.

Enhancing / Optimizing the value of your property assets.

Asset acquisition / sales. Refurbishment of your buildings. Income and management cost optimization.

Assigning management of your property asset portfolio.

Public sector

Whether you are a government department, a public sector business or a local authority, BNP Paribas Real Estate can help you through its experience and expertise in the field of public service property:

Managing and enhancing the value of available land.

Major property development project services.

Property strategy implementation. Marketing of public sector assets. Reorganizing and refurbishing the property asset.

Operating cost optimization and rationalization.

Occupier

Growth, needing additional premises, mergers & acquisitions with premises moves, asset disposals, a need to move closer to strategic business centres. These are just some of the events punctuating business life. We can help you in:

Definition of your property strategy. Support and guidance for your property projects.

Property cost optimization. Property management services. Operating cost optimization. Find asset adpated to your activity.

Individual

Property investment means building a long-term asset base, that can be passed on to future generations. Whether you are buying a home or an investment, investing in French SCPIs / OPCIs (collective property investment schemes) – regardless of the form your plans take, we are able to provide you with support and guidance in finding the appropriate property solution for your needs, taking account of your objectives together with your family circumstances for:

Investing in rental properties, student or hotel residences or business travel complexes.

Buying a property. Subsequently selling the property. Investing in financial products (Property funds).

Developer

By making use of our services, you will gain access to the expertise of a fully integrated property services company able to support you at every stage in your project including:

Anticipating market requirements. Finding available land. Design and build. Marketing your project. Operating cost optimization.

A helping hand to assist you achieve your objectives:

Your organisation is undergoing change. You are looking for the ideal site for your company.

You want to find the best investment opportunities.

You want to optimise your property costs.

You want to add value to your property assets.

Transaction

Buy, sell or rent a property

or a property portfolio

“Buying, selling,

leasing, investing...

benefit from the

know-how of our

Transaction teams for

all of your real estate

projects.”

14

4.7MILLION M2

of commercial real estate

transacted for our occupiers

clients in 2013 (all asset types

combined).


A solution for every project

• Buying and leasing property: offices, logistics/warehousing/retail outlets, hotels, lands.

• Leasing and selling your property: offices, logistics/warehousing/retail outlets, hotels, lands.

• Investing in commercial property or asset managing your portfolio.

Guaranteed localised service

We make our network of offices in Europe, the Middle East, and Asia available to meet your needs, along with our network of alliances. This organizational structure and the quality of our databases mean that our experts are able to provide a swift and local response to your needs. While property strategies are increasingly international, solutions remain local.

You want to:

Our Consulting business line teams provide support and guidance in drawing up your property strategy, in setting up tool kits to support your decision-making, and in implementing recommendations.

Support decisions with market indicators.

Assessing the viability and feasibility of each project.

Define a real estate strategy and increase the value of your property assets.

Optimise the value of your assets through property intelligence.

Benefit from support in lease management and the optimization of your property costs.

“You will always be able

to rely on the experience

of our teams to assist in

defining your real estate

strategy, which will

improve the economic

performance of your

company.“

Consulting

15

M i n i s t r y f o r t h e i n t e r i o r, o v e r s e a s , r e g i o n a l a u t h o r i t i e s a n d i m m i g r a t i o n

S I E M E N S

Le Lumière - Paris 12th - France1,700 staff, 42,000 m2, 12 year lease Advising the occupier in the context of a relocation project

Optimising office space (12 m2 / employee) and arranging departments

Sisley Building (St Denis) - France 18,000 m2 Optimisation of real estate cost Improved efficiency of work spaces

Tailored solutions

We offer you support and guidance in complex decision-making through our experience in over 863 consultancy projects in six years.The key success factor lies in our ability to tailor our consultancy services and take into account your current and future needs, your cost and time constraints, your projects’ strategic and financial requirements, and an assessment of your organizational limitations.Our expertise can be applied equally to one off projects and more complex strategy scenarios.

Our expert assessments can assist with one-off projects as well as more complex strategies

• Define and implement a real estate master plan.

• Property strategy.• Portfolio management.• Lease negotiation assistance.• Outsourced lease management.• Modelling and measurement

of economic effects.• Technical audit and asset valuation.• Sustainability solutions.• Creating and managing data room.

A dedicated team based in

• France

• Germany

• United Kingdom

• Ireland

• Jersey

• Netherlands

• U.A.E.7COUNTRIES

16

“Knowledge of

local markets, full

understanding of

financial approaches,

rigorous evaluations...

A wealth of skills in

providing a valuation

for your real estate

assets.”

Confidence

Our valuations are based on a number of criteria: qualitative appreciation of your asset, its location and positioning in itsdistrict, factoring in the direction of the market to assist you in establishing a valuation in the context of:- accounting standards.- sale/acquisition.- managing financial performance.- analysis of the mortgage risk.- legal, fiscal obligations of an

estimate.- determining rental value.

Exigency

When you entrust a valuation assignment to our teams you are calling upon independent experts and the skills of our partners present across the world with our directs offices and our alliances. You will also benefit from a uniform and thorough service whatever the location.We work in compliance with the main methodological benchmarks and international valuation standards as defined in theInternational Valuation & Accounting Standards or the RICS Red Book,

as well as the real estate valuation charter devised in accordance with TEGoVA (the European Group of Valuer’s Associations). Our German experts are also HypZert certified. Our teams ensure that ethics and confidentiality are respected to guarantee you independence and transparency.


Valuation

Ensure transparency,

independence and precision

The priority our teams have is to provide you with reliable and accurate valuation:

Determine the value of an asset for its sale, leasing or for M&A.

Evaluate the value of your portfolio and its potential.

Accurately monitor the yield and the value of your investments:

• to act as guarantees for credit, • to prepare a statement or for

other accounting purposes, • to satisfy your legal obligations.

Dedicated teams established in:

Turnover breakdown by client type (%)

Turnover breakdown by country (%)

Turnover breakdown by type of services (%)

Occupierservices

9%

Occupiers14%

Others4%

UK23%

France39%

Germany7%

Italy 9%

Spain 18%

Banks42%

Investors44%

Buildingconsultancy19%

Real estateadvisory72%

17

2013 Key figures

TRANSACTION

CONSULTING

VALUATION

4.7MILLION M2

of commercial real estate

taken up by occupiers in 2013

(all asset types combined).

• France

• Germany

• United Kingdom

• Ireland

• Jersey

• Netherlands

• U.A.E.

7COUNTRIES

€10.3BILLIONof investment in commercial

real estate.

Close to

311MILLION M2

valued

Close to

€233BILLION OF ASSETSvalued

Close to

12 COUNTRIES

IN

4,200TRANSACTIONSin commercial real estate, one

transaction every 15 minutes

(41% in France and 59% abroad).

Close to

As the leader in commercial real estate development in France, for more than 40 years we have been supporting our customers in the construction of innovative and sustainable schemes. Whether you are an occupier, investor or planner, we provide you with recognized expertise in refurbishment, construction of new office buildings, hotels or redevelopment of sites.

18

* Source: Innovapresse Agency “Property Developers Ranking” June 2012** Business volume of reservations including VAT

New office development

We have been helping our partners, occupiers, investors and local authorities to successfully achieve their projects. Our recognized know how in the construction of innovative and long-lasting buildings has earned us the trust of major clients, occupiers and investors.

Building refurbishment

We breathe new life back into obsolete buildings, very tall buildings or industrial premises, reinventing them as workspaces suited to current requirements taking into account technical, economic and commercial constraints.

International projects

Our teams operate in France, UK, Luxembourg and Italy, building headquarters for major European groups and office buildings in renowned business districts.


Property Development

Building, developing

2013 KEY FIGURES

N°1In commercial Property development in France*.

€856 MILLIONof business volume in commercial Property development**

305,000 m2

under construction in Europe

1,000,000 m2

of HQE-certified building in Europe

103,500 m2

completed in France

19

425,000 m2

under construction in Europein 2014

Close to

Examples of

underway projects

Zenora Issy-les-Moulineaux 92 - Paris (France)

48,500 m² of environmental friendly office space:

- HQE certified with an “Exceptional” level- BREEAM “Outstanding” level for one of

the buildings- BBC Effinergie quality-assured Architect: Jean-Paul Viguier Associates NODA Building (22,100 m2):

- Investor: Wereldhave- Occupier: Coca Cola Group in France (HQ) VEGA Building (26,400 m2):

- Acquirer / Occupier: Yves Rocher Group

Tiburtina Rome (Italy)

Construction of a new office building with floor space of 48,000 m².

Architects: 5+1AA Alfonso Femia - Gianluca Peluffo S.r.l

Environmental initiative: Leed gold Occupier: BNL HQ

CityLights Boulogne-Billancourt 92 - Paris (France)

Extensive restructuring and extension of a very tall building of 82,000 m2

Architect: Dominique Perrault Architecture

Environmental initiative:- HQE (Passport “Exceptional”)- BREEAM (“Excellent” level)- Sustainable development passport

“Exceptional” level- BBC label Occupier: GE Group for about 50% of space

6 Pancras Square London (UK)

Floor area: 40,000 m² Architect: Jean-Michel Wilmotte Environmental initiative: BREEAM ‘’Excellent’’ level

Investor: Axa REIM / PSP

* In some countries20

N°1In commercial real estateProperty Management(tertiary sector) in mainland Europe

“We provide day-to-

day management

of your real estate

assets to ensure

they are maintained

in good condition,

to increase their

profitability and to

optimise working

environments.“

Increase profit and ensure upkeep

Whether you are an institutional investor, user or developer, we offer you the tailor-made services you require to efficiently manage your real estate and keep tenants satisfied:• Landlord representation.• Lease management.• Technical and services

management.• Service charge management.• Financial management.

Personalised managementFor each aspect of management, we provide you with personalised solutions: letting and sales support, assistance to accountancy support*, management of shared ownership groups, support for sustainable building, delivery support, project management/contracting support and management of company catering.

Property management

for usersWe coordinate services for you to suit requirements of building occupiers:• Technical maintenance of buildings. • Management of soft services. • Services to individuals.


Property Management

Rigorous and pro-active real estate

management

There are several requirements to achieve and surpass objectives:

Optimise cash flow: speedy leasing to receive rental income.

Manage lease-related contractual obligations.

Keep tenants happy by providing them with added-value services.

Provide material and technical upkeep of your building to ensure it remains in ideal condition in the long-term.

Make it future-proof and energy efficient.

Efficiently manage service costs, risks, insurance and any litigation.

Increase the value of your assets.

21

Cœur Défense (La Défense - Paris - France) - (190,000 m2 managed)

Enhance your real estate management with

35.8MILLION M2

managed in commercial

real estate in Europe

+3.7 million m2 compared to 2012.

More than

STAFF CANTEENSmanaged in France

(78,000 meals served each day).

100France, Germany, United Kingdom, Italy,

Spain, Jersey, Belgium, Czech Republic,

Hungria, Ireland, Luxembourg,

Netherlands, Poland and Romania.

Internationallyestablished in

14 COUNTRIESIN EUROPE

Typology of assets managedin Europe (%)

Others

12%

Breakdown of m2 managedby country (%)

Retail9%

Logistic-Platforms

19%

Others

Belgium

France

Germany

UK

9%

8%

11%

Italy11%

19%

42%Offices

60%

2013 KEY FIGURES

In France, in 2012 we launched the online service Easytech, which underpins the technical management of your buildings but also allowsadditional service lines to be set up:

• Energy metering.• Green Management.• Electronic Data room.• Investor portal.• Request outsourcing.

• Management of occupier services.• Interactive optimisation

of the work space.

22

Close to

€18BILLIONof assets under management in Europe in 2013

We are here to assist you with each decision

We select, coordinate and manage a wide range of assets for you. Our specialists have support from economists in our group as well as in-depth analyses on real estate markets. Our Research department has a team dedicated to the Investment Management business line.As such, tendencies on the real estate market are identified to be able to offer you the best performing solutions.

Each solution is personalised

We consider your objectives in terms of management, returns, adding value, geographical diversification, type of asset (offices, retail, logistics, warehousing, health establishments, hotels and residential buildings) as well as type of management. We will design and manage real estate investment vehicles for you that are tailored to your needs, based on opportunities on the market.

• Funds dedicated to each type of investor (institutional, Club deal, separate account, retail).

• ”À la carte” asset management services:

- investment strategy consultancy; - structuring and managing your

investment vehicle; - transaction support; - asset management.


Investment Management

Ranges of funds and asset

management services to chose from

You are looking for:

Invest in real estate funds.

Define an investment strategy to:• diversify your current

asset base with long-term investments,

• optimize the value of your assets and your income flow.

Structure club deals.

Obtain recommendations for investment in assets or real estate vehicles.

Get support for structuring and managing your investment vehicle.

Obtain specific relevant information on markets to assist in decision making.

Be able to identify opportunities on the market in the medium term, as well as long term tendencies.

23

Photo

gra

pher:

Math

ieu

Polo

Paris 8th (France)

IN ITALY

Best Investment

Manager*.€18BILLION

of assets under

management

in Europe.

An increase of

€4.8 billion

compared

to 2012.

Close to

Close to

€800MILLIONinflow of new cash and over €2 billion

transacted (investment and arbitrage).

(asset under management).

More than

100

N°174% LOF INSTITUTIONALINVESTORS

INVESTMENTMANDATES ORVEHICLES

Close to €18 billion of assets under management in Europe

Risk category

Type of mandate (%)

Offices44%

Belux

Others

France

Italy

Germany

€1,7 bn€0,5 bn

€4,2 bn

€4,9 bn

€6,7 bn

Belgium,

Spain,

France,

Italy,

Germany,

Luxembourg,

United Kingdom

Established in

7COUNTRIES :

Mixted20%

Residential16%

Retail13%

Others

*Euromoney, September 2013

Ris

k fa

cto

rs

ROI

Added value

€2 bn

Opportunistic

€0,5 bn

Core - Core +

€15,5 bn

7%

2013 KEY FIGURES

24

E s p r i t 1 5

Pa r i s 1 5 t h ( F r a n c e ) >

A r c h i t e c t : F r a n ç o i s L e c l e r c q

BEST URBANREGENERATION

PROJECT

FINALIST

2014


The expertise of our teams, their ability to listen and the diversity of our skills allow us to understand and meet your expectations:

convert a neighbourhood, develop a building, sell new or old residential property, design and operate serviced residential property.

25

Property development, diversified know-how and recognised advantages

Whether you are local authority, town planner, institutional investor or private individual, we can help you to devise and execute diversified and long lasting housing schemes:contemporary and upscale housing, practical and well designed institutional accommodation, social housing compliant with the latest status, specialist real estate, etc.Our knowledge of local markets, the permanent quest for quality, respecting our commitments, understanding of environmental issues and our belonging tothe BNP Paribas group are all advantages to provide you with pertinent answers whateveryour project.

Site redevelopment

and planning projects

We can assist you in:• designing and creating

the districts of the future;• revitalising a district,

improving major sites;• guaranteeing the feasibility

of the project by acting as the lead contract.

For some sites in France, we act as a planner in association with local authorities.

New accommodation

schemes

With work starting on over 1,435 homes and completion of 3,042 in France in 2013, we have recognized know how in residential real estate. Thanks to the experience of our teams on the ground, with the collaboration of architects we design and build products that meet the requirements of future buyers and that are compliant with all the latest environmental standards. As pioneers in the field of sustainable development, we actively seek Habitat & Environment certification for our schemes.

We are close to our clients, with a strong presence in France’s major urban centres. We are also developing our first operations in Italy.

Residential real estate:

designing and building

Gold TOPCOM 2011

in design category

2nd in 2010 in best initiative

in client experience category

26

Transaction: from research to achievements

For private buyer

Whether you are making a new acquisition or you are a first time buyer, our teams are at your disposal to study and execute your real estate project by:- suggesting assets that correspond

to your criteria among a wide range of assets, new and old;

- assisting you from the reservation to the signature of the acquisition papers and the completion of your apartment under the best conditions.

For private investor

Our employees’ expertise can help you to put together a high-performance acquisition strategy by taking your expectations intoaccount:- running a financial simulation

based on your plans;- offering a wide range of existing or

new-build property developments;- helping you to identify the most

appropriate tax reduction schemes (service available in France).

Entry into co-ownership property agreement or sale of old one

For institutional investors,

investment funds, private

property company, private

individual or social

stakeholder.

Our dedicated teams offer you specialist assistance for your acquisition or disposal plans:- improve your assets and

optimize transactions;- analysis of real estate project

and recommending a strategy suited to your needs.

Design and operation of service accommodation: a specific skill

As a benchmark player in France, we assist local authorities in building and operating residential lets for students and business tourists.We have developed a specific service for our investor clients with respect to serviced accommodation. This applies to both our “Studelites”, designed for students and our four “Hipark” residences located in Grenoble, Nice, Marseille and Serris Val d’Europe intended for business tourism.

We make all of our know-how available to you to guarantee you rigorous management of your asset and your investment.

The services we offer take care of theadministrative and technical burden, as well as the finding and selection of tenants.

Residential real estate:

selling and managing

* Sales reserved incl. VAT net of discontinuations (France and Italy) 27

Paris 14 (France) / Architect: Pablo Katz

Illu

stra

tion: L’Au

tre Im

age

TRANSACTION

2013 KEY FIGURES

RUNNING SERVICED ACCOMODATION

RESIDENTIAL PROPERTY DEVELOPMENT

1,291new and second hand

HOUSING UNITSsold and reserved in France

and in Italy.

6,767UNITS MANAGEDin serviced accommodation.

5,000HOUSING UNITS“Habitat & Environnement” or

“BBC Promotelec” certified or pending

certification in France.

3,042HOUSING UNITScompleted in France and Italy.

1,435HOUSING UNITSstarted in France.

€423 MILLIONof businessvolume*.

serviced residences

for students managed

in France.50serviced residences for

business travellers: Grenoble,

Nice, Marseille and Serris

(Val d’Europe).4

28

T i b u r t i n a ( R o m e - I t a l y ) >A r c h i t e c t s : 5 + 1 A A A l f o n s o Fe m i a - G i a n l u c a Pe l u f f o S . r. L

With 3,700 employees, a presence in 38 countries

we are close to you.

INTERNATIONAL VISION, LOCAL

KNOWLEDGE

* Covered via our alliance in Morocco ** Covered via our alliance in Austria

30

180Officeswith our alliances

Close to

Present in 38 countries

Our teams are directly active in 17 countries, and in another 21 through our network of alliances. As such they will provide you with a know-how highly regarded in Europe, Asia, the Middle East and Northern America.

17 direct locations...

France, United Kingdom, Germany, Belgium, Spain, U.A.E., Hong Kong, Ireland, Hungary, Italy, Jersey, Luxembourg, Netherlands, Poland, Czech Republic, Romania and Singapore.

... and alliances in 21 countries

Algeria*, Austria, Cyprus, Estonia, Finland, Greece, Ivory Coast*, Latvia, Lithuania, Morocco, Northern Ireland, Norway, Russia, Serbia, Slovakia**, Sweden, Switzerland, Tunisia, Turkey, United States and Ukraine.

Reinforced development in Asia and the Middle East

Our three offices in Singapore, Hong Kong and Dubai allow us to work with investors in Asia and the Middle East, and have a good understanding of what issues matter to them in the European real estate markets.

Real estate strategies are becoming increasingly global, while solutions remain local. Our 3,700 staff are there to offer you their up-to-date knowledge on the real estate markets they work in. This in-depth understanding, together with our geographic distribution, allows us to support you in your real estate projects and offer you relevant solutions ideal for your real estate issues.

International vision,

local knowledge

31

Staff breakdownby country (%)

France

46%

Germany

UK

Italy

Spain

Others

20%

14%

5%

5%10%

3,700EMPLOYEES

17 COUNTRIESDIRECTLY

21 ALLIANCES

INTERNATIONAL COVERAGE FOR LOCAL SOLUTIONS

U.S.A .

(Dubai and Abou Dhabi)

U.A .E.

Hong Kong

Singapore

32

6 Pa n c r a s S q u a r e ( L o n d o n - U K ) >A r c h i t e c t : J e a n - M i c h e l W i l m o t t e


InternationalInvestment Group

33

Etienne PronguéHead of International

Investment Group

“We provide our investors

clients with day-to-day

assistance in implementing

their acquisition and

management strategies,

on an international scale.

With offices in Singapore,

Hong Kong and Dubai, we

enable our international

clients to benefit from our

in-depth expertise in the

main European markets.”

Your partner for International property investment projects

Our International Investment Group provides support for your real estate projects in Europe. With its international scope, it covers all transaction related activities outside of your home market. The International Investment Group works closely with local Transaction teams to give you the best support possible, whether you are aiming to expand your assets under management or your real estate portfolio. We work closely with all the key players of the real estate market: this knowledge gives you access to the best investment opportunities “on & off” market and in assets under development.Our long-standing experience and our on-going presence in the major markets enable us to meet all your expectations for real estate investment.

Invest in Europe with the transaction market leader

We can find for you the best possible international investment opportunities. With experts on the ground in all European markets, we have real-time knowledge of transactional activity that your dedicated adviser can quickly provide to you. Our experience helps you save time and streamline your decision-making process.Our teams perform successfully on all types of property assets: offices, retail property, logistics, hotels or residential property.

Arbitrate / Sell your assets through our network of international investors

As the leader for Transaction and Consulting in Europe, BNP Paribas Real Estate allows you to connect with international investors. Our employees have a deep knowledge of international investors and an excellent understanding of their selection criteria. Managed by dedicated investment consultants, our teams help optimise your real estate assets outside your national market.We are in direct contact with all the key players in the global real estate market, investment funds (insurance companies, pension and sovereign funds), and both listed and private property investment companies. Our three offices in Singapore, Hong Kong and Dubai allow us to work closely with investors in Asia and the Middle East and to address their issues on the European real estate market.

34

Sylvain HasseDirector Corporate

Services

“Since real estate is such an

essential part of both daily life

and the financial performance

of businesses, Corporate

Services offers you assistance

from accomplished experts.

Experienced in the strategic

and operational requirements

of organisations, they will be

able to develop a fine-grained

understanding of what is

important for you. To ensure

that we work closely with

you and offer a quality

service, they will act as your

personal gateway to our

teams, supporting you in

defining and implementing

your real estate strategy in

France and internationally.“


A team dedicated to the

exclusive service of occupiers

Corporate Services: forrelevant and comprehensive answers to occupiers’ real estate issues.

Our Corporate Services team offers you a tailored service to address your real estate issues. Our aim is to provide you with the best suited solutions.

A personal account manager, an international team.

With the support of our Corporate Services you will benefit from a personal “Key Account Manager”, who will become your personal contact within BNP Paribas Real Estate. His role is to listen to you, analyse

35

and establish your international requirements, then advise and support you in the implementation of your real estate strategy with the backing of the six business lines of BNP Paribas Real Estate. Your Key Account Manager is a member of a professional multidisciplinary team that offers you local and international know-how.

Corporate Services offers you

• Multiple skills combining real estate experience and financial, managerial and technical knowledge.

• Expert knowledge of markets, reinforced by surveys and analysis by our Research department.

• An ability to understand every aspect of your business and objectives.

• Working group coordination.

Include real estate within your global strategy

• Benchmark your property scheme against the current market.

• Audit your real estate portfolio.• Analyse your portfolio and make

recommendations: identify opportunities for acquisition, development and arbitrage, etc.

• Occupancy strategy (owner or tenant).• Market studies and prospective

analyses.

Consider real estate as financial leverage

• Asset valuation.• Financial modelling, impact studies,

income and cash flow statements.• Outsourcing, asset sales, data room

establishment and monitoring. • Optimisation of your real estate costs:

analysis, renegotiation, renewal of leases.

Implement your real estate strategy

• Implement your real estate master plan.

• Search for land and premises.• Optimise your occupancy, consolidate

your premises.• Quantify resulting savings.• Arbitrate your occupancy status.• Search for investors and investment

opportunities.

Monitor your real estate strategy

• Create and manage real estate databases.

• Develop monitoring tools.• Assess regulatory issues and risks.• Manage leases, charges, rents and

services.

Corporate Services

36

Office Yield Gap

Average office yield for 11 main European markets

Income return

Av

era

ge T

ota

l R

etu

rn (

20

13

- 2

01

7)

Amsterdam Madrid

Milan

BrusselsFrankfurt

MunichBerlin

Hamburg

Central Paris

Stockholm

Central London

Capital growth

Total return

German 5-years bond yield

FORECASTS

European office market: total returns beakdown

European office market: Risk return trade-off

%

% %

0,0 -15,001 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

-10,0

-5,0

0,0

5,0

10,0

15,0

20,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

YIELD GAP

FORECASTS

%

9,0

8,5

8,0

7,5

7,0

6,5

6,0

5,5

5,00,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 16,0


Our Research department provides real support to all our clients and business lines.Our many analyses and market surveys, as well as our economic and property forecasts, allow us to provide efficient decision-making tools.

Our Research team consists of some 40 professionals in Europe (Germany, Belgium, Spain, France, Italy, Poland, Romania and the UK).Our clients can also rely on the market knowledge of our teams, offices and alliances, covering 38 countries.

37

“Our research allows

us to rank markets

according to their

relevance for each

of our clients. In a

changing economic

environment, our

clients appreciate

our ability to develop

alternative scenarios.“

Our skills

• Five-year forecasts for the main European markets for office premises.

• Research on office, retail, logistics, warehouse, hotel and residential markets.

• Risk / reward analysis and portfolio analysis dedicated to the Investment Management business.

• Database updating.

As market leader, we anticipate market cycles and provide

the most relevant analyses.

Research department

offering an in-depth

understanding of the markets

To excel in full compliance with environmental, economic and human criteria: that is our vision of a responsible company and how we integrate Corporate Social Responsibility (CSR) into our strategy.CSR is an integral part of our business and activities, structured around the 4 pillars and 12 commitments that define our priorities.

We further encourage our suppliers and service providers to develop their corporate responsibility policies and follow our commitment by signing joint charters.

CSR AT THE HEART

OF OUR STRATEGY

38

Environmental quality at the heart of our businesses.

Aware of sustainable development issues for real estate and their impact on our clients and future generations, our six business lines are fully committed.We work with our clients to help them anticipate changes that will impact how we design, build and live in buildings, both residential and commercial.Thanks to the combined expertise of our teams, we anticipate the requirements of occupiers and design innovative, high performance and sustainable buildings and their associated services.All our building projects are certified to a high level. Some office buildings we manage are HQE or BREEAM certified. We work together with local authorities, to develop EcoDistricts and sustainable neighbourhoods, balancing economic, environmental, and quality of life issues.

“Enjoy your job”: an employer’s promise that makes a difference

Trust, transparency and recognition guide our human resources policy. As an employer, our main goals are to develop employees’ skills and offer them opportunities for professional advancement to guarantee their employability. In terms of skills development, for instance, 80% of our employees attend at least one training course each year. We also support those who wish to enrol on the Royal Institution of Chartered

Surveyors programme to obtain the professional qualification awarded by that body. Committing to making a difference also means taking practical steps to promote diversity. In 2012, we launched the Women in Leadership programme to increase diversity within the company. Two years on, 20% of female employees who have taken part in the programme have been promoted.

39

Committing to the future

Nurturing tomorrow’s talents is important for the future of our profession. This is why our sponsorship of architecture focuses on the upcoming generation of professionals. Since 2008, the “BNP Paribas Real Estate Prize for Young Architects” has been awarded to young architects for their contributions to current thinking. We have also established partnerships with leading schools in France.

We finance and participate in education through “the Chair in Real Estate and Sustainable Development” at the ESSEC Business School, and the Real Estate Management Masters at Dauphine University (Paris).

We provide and finance serviced student housing (Studélites) to architecture and town planning scholarship students for one year.

40

COMMITTED MANAGEMENT

Each member of the Supervisory Board, the Management Board and the Extended Management Board endorses the values of BNP Paribas Real Estate

B N P Pa r i b a s R e a l E s t a t e H e a d q u a r t e r s

( I s s y - Le s- M o u l i n e a u x - F r a n c e )

Supervisory board

Philippe ZivkovicChairman of the Supervisory Boardof BNP Paribas Real Estate

Jacques d’EstaisVice Chairman of the Supervisory Boardof BNP Paribas Real EstateDeputy Chief Operating OfficerBNP Paribas

Alain BreffeilHead of Paris Business CentersFrench Retail BankingBNP Paribas

Didier ChappetChief Executive OfficerBNP Paribas Leasing Solutions

Dominique FiabaneHead of Retail French Retail BankingBNP Paribas

Olivier HéreilChief Investment Officer, Executive Committee MemberBNP Paribas Cardif

Thierry LabordeChairman and Chief Executive OfficerBNP Paribas Personal Finance

Denis LaplaneHead of Corporate French Retail BankingBNP Paribas

Sylviane Le CarréHead of Group Corporate Real EstateBNP Paribas

Philippe MarchessauxChief Executive OfficerBNP Paribas Investment Partners

41

Management board

Thierry Laroue-PontChief Executive Officerof BNP Paribas Real Estate

Henri FaureDeputy Chief Executive of BNP Paribas Real Estate, in charge of Investment Management and Central Functions

Lauric LeclercDeputy Chief Executiveof BNP Paribas Real Estatein charge of Property Management

Extended management board

Piotr BienkowskiCEO AdvisoryGermany

John SladeCEO AdvisoryUK

Pascal MauryDeputy Managing Directorof BNP Paribas Real Estatein charge of Human Resources and Communications

Dominique JonesDeputy Managing Directorof BNP Paribas Real Estatein charge of Finance, IT, Purchasing & Working Environment and Organisation functions

Jean NunezDeputy Head of Corporate Banking EuropeBNP Paribas

Philippe ThelHead of Real Estate Finance EuropeBNP Paribas

Jean-Daniel WurtzChairman of One Bank for CorporatesBNP Paribas

BNP Paribas Real Estate - SAS with a

capital of 380.010.544 €

692 012 180 RCS Nanterre

SIRET 692 012 180 00174

Code NAF 7010 Z

Headquarters: 167, Quai de la Bataille de

Stalingrad - 92867 Issy-les-Moulineaux

Cedex – BNP Paribas Real Estate is a

subsidiary of the BNP Paribas banking

group.

167, Quai de la Bataille de Stalingrad 92867 Issy-les-Moulineaux Cedex Tel. +33 (0)1 55 65 20 50 Fax +33 (0)1 55 65 20 51

Non-contractual document -

500 copies - BNPPRE 143 -

November 2014 - Prepared by: iceberg.fr

Cover: Tiburtina - Rome - Italy - Architects: 5+1 AA Alfonso Femia -

Gianluca Peluffo S.r.l

page 2 - 4 photographer: Bruno de Gayets

page 2 - 6 Zenora - Paris - France - Architect: Jean-Paul Viguier

page 3 - 12 - 13 - 23 CityLights, renderings: RSI

page 8 photographer: Vincent Fillon – Architect: Norman Foster

page 14 ZAC Claude Bernard, photographer: Vincent Fillon


page 23 Zenora, photographer: Luc Boegly

page 28 Esprit 15, rendering: l’Autre Image

page 31 Paris 14, rendering: l’Autre Image


page 38 photographer: Vincent Fillon – Architect: Norman Foster

page 43 - 44 - 45 Le Velum, headquarters of BNP Paribas Real Estate

photographer: Vincent Fillon

Pursuant to France’s law No.78-17 from

6th January 1978, modified, relating to

Information Technology, files and Freedoms,

you have a right to access, delete or modify

data concerning you, which you may

exercise by post at the following address:

BNP PARIBAS REAL ESTATE FAO

personal details protection coordinator,

167, Quai de la Bataille de Stalingrad

92867 Issy-les-Moulineaux Cedex

or by e-mail at the following address:

[email protected]

Hong Kong

U.A.E

USA

FRANCE Headquarters 167, Quai de la Bataille de Stalingrad 92867 Issy-les-Moulineaux Tel.: +33 1 55 65 20 04 Fax: +33 1 55 65 20 00

BELGIUMBoulevard Louis Schmidtlaan 2 B3 1040 Brussels Tel.: +32 2 290 59 59 Fax: +32 2 290 59 69

CZECH REPUBLICPobřežní 3 186 00 Prague 8 Tel.: +420 224 835 000 Fax: +420 222 323 723

GERMANYGoetheplatz 4 60311 Frankfurt Tel.: +49 69 2 98 99 0 Fax: +49 69 2 92 91 4

HONG KONG63 /F Two international finance Center - 8 Finance Street Hong Kong Tel.: +852 2909 2806 Fax: +852 2865 2523

HUNGARY Alkotás u. 53. H-1123 Budapest, Tel.: +36 1 487 5501 Fax: +36 1 487 5542

IRELAND20 Merrion Road, Dublin 4 Tel.: +353 1 66 11 233 Fax: +353 1 67 89 981

ITALYVia Carlo Bo, 11 20143 Milan Tel.: +39 02 58 33 141 Fax: +39 02 3706 9209

JERSEY 3 Floor, Dialogue House 2 - 6 Anley Street St Helier, Jersey JE4 8RD Tel.: +44 (0)1 534 629 001 Fax: +44 (0)1 534 629 011

LUXEMBOURGAxento Building Avenue J.F. Kennedy 44 1855 Luxembourg Tel.: +352 34 94 84 Fax: +352 34 94 73 Investment Management Tel.: +352 26 26 06 06 Fax: +352 26 26 06 26

NETHERLANDS JJ Viottastraat 33 1071 JP Amsterdam Tel.: +31 20 305 97 20

POLAND Al. Jana Pawła II 25 00-854 Warsaw Tel.: +48 22 653 44 00 Fax: +48 22 653 44 01

ROMANIAUnion International Center 11 Ion Campineanu Street 6th floor, 1st district Bucharest 010031 Tel.: +40 21 312 7000 Fax: +40 21 312 7001

SPAINMaría de Molina, 54 28006 Madrid Tel.: +34 91 454 96 00 Fax: +34 91 454 97 65

U.A.EABOU DHABIAl Bateen Area Plot n° 144, W-11 New Al Bateen Municipality Street n° 32 P.O. Box 2742 Abu Dhabi Tel.: +971 44 248 277 Fax: +971 44 257 817 DUBAIEmaar Square Building n° 1, 7th Floor P.O. Box 7233, Dubaï Tel.: +971 44 248 277 Fax: +971 44 257 817

UNITED KINGDOM5 Aldermanbury Square London EC2V 8HR Tel.: +44 20 7338 4000 Fax: +44 20 7430 2628

MAIN LOCATIONS ALLIANCESALGERIA *

AUSTRIA

CYPRUS

ESTONIA

FINLAND

GREECE

HUNGARY ***

IVORY COAST *

LATVIA

LITHUANIA

MOROCCO

NORWAY

CZECH REPUBLIC ***

RUSSIA

SERBIA

SLOVAKIA **

SWEDEN

SWITZERLAND

TUNISIA *

TURKEY

UKRAINE

USA

* Coverage via our alliance in Morocco ** Coverage via our alliance in Austria***Covering Transaction, Valuation & Consulting

PLEASE CONTACT

Alliances Florence HesseTel.: +33 (0)1 47 59 17 [email protected]

Research Christophe Pineau Tel.: +33 (0)1 47 59 24 77 [email protected]

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