Strutt & Parker is already boosting BNP Paribas Real Estate’s income after selling 2,291 properties in 2017, its new owner has revealed.

BNP Paribas Real Estate, which acquired Strutt & Parker last August, said the agent sold properties worth a total of £2.9bn last year.

The agency is expected to help the French bank subsidiary reach a revenue target of €1bn (£880m) in the next two years.

Thierry Laroue-Pont, chairman of the management board of BNP Paribas Real Estate, said: “In 2018, we aim to generate about €900m in revenues, €891m to be precise, with around €1bn targeted for 2020.

“We would note that the impact of acquiring Strutt & Parker in the UK automatically boosts our revenues to reach €950m.”

Overall in 2017, the residential business line, which includes development and property management, generated a sales volume of more than €1.1bn.

Development work was started on 2,401 homes, which the firm wants to get up to 4,000 by 220.

Andy Martin, chief executive of BNP Paribas Real Estate Advisory UK, said: “2017 was a momentous year for BNP Paribas Real Estate in the UK, bringing together two leading brands and two exceptional groups of people to create a compelling new service offering for our clients, and a platform that will complement our market-leading positions in France and Germany.

“We intend to use this position as a foundation for growth in 2018. We are now a business that reaches in to all aspects of UK real estate and that, as part of BNP Paribas, can offer clients a more holistic approach, something that is unique in this market.”