BNP Paribas Real Estate Property Development has made an off-plan sale of the 99 West scheme in Frankfurt on a plot acquired in April 2018.
This sale, to NAS INVEST, is the first major commercial success of BNP Paribas Real Estate’s development teams in Germany, overseen by Thomas Charvet, General Manager of BNP Paribas Real Estate Property Development, and bodes well for a lasting presence in a country that combines growth, stability and maturity.
Work started on the 99 West Tower in Summer 2019. It will total over 24,500 m² of offices on 26 floors, on the edge of Frankfurt’s Central Business District, in the Westend District. BNP Paribas Niederlassung Deutschland has leased over 14,000 m² in the lower floors of the tower for 12 years without break option, demonstrating foresight in its medium-term real estate projects.
“The success of the 99 West scheme shows the soundness of our international expansion strategy for our development business and the synergy with our other business lines. Our international team has been able to export our model and DNA, while adapting to the local context. Germany, as well as the other countries where we operate, is on its way to becoming an important contributor to our overall results and we are very pleased with this first success”, comments Thierry Laroue-Pont, CEO of BNP Paribas Real Estate.
“Initiated and managed by our international teams, 99 West will now be developed via a real estate development contract led by a local team of experienced professionals. With this first scheme in Germany, where several new projects are being considered, we continue to grow our foreign development business, which is also established in the United Kingdom, Italy, Spain and Portugal”, notes Thomas Charvet.