The sale of Strutt & Parker to BNP Paribas Real Estate, part of the French banking group, has completed.
The price has not been disclosed.
Strutt & Parker’s residential, rural, development and planning teams will continue to operate under the Strutt & Parker brand, whilst the commercial arm of the business will operate under the BNP Paribas Real Estate brand.
Andy Martin, who had been going to bow out of Strutt & Parker where he was senior partner, has this morning been formally announced as CEO of the over-arching company, BNP Paribas Real Estate Advisory UK. His deputy is Etienne Prongué. Guy Robinson has been announced as head of residential agency.
Other UK board appointments include those of Stephen Wolfe, head of valuation, James Farrell, head of rural, Paul Abrey, head of property management and professional services, and Simon Kibblewhite, head of residential development and planning.
Thierry Laroue-Pont, CEO of BNP Paribas Real Estate, said: “This merger is an opportunity to create a new major European adviser by bringing together the strengths and skills of two exceptional groups of people.
“Our new UK board reflects this, demonstrating our balanced business model and ability to offer clients complete coverage in every asset type, across the UK.
“For each position we have identified the best person for the job to create a leadership team that is ideally-placed to drive the growth of our new business and achieve further success for our clients. I am delighted to introduce them today and look forward to working with them in the years ahead.”
There are mixed views within the old S&P business according to those I have spoken to. The agriculture/farm dept are not happy, equity partners are, commercial definitely are (huge corporate market and a chance of a level playing field with the big names) and the residential continues to limp along.
Watch this space, S&P are notorious at getting their timing wrong. In the 80’s they started expanding, opened a new HQ in Mayfair only to have it firebombed by the Welsh separatists protesting at second home ownership in Wales and then watched the recession bite hard. In 2007 they spent millions on buying Lane Fox to then get caught in the credit crunch and nearly hit the wall and now the timing coincides with Brexit and of course the stamp duty regime aimed at the wealthy……all on the back of falling profits!
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P-Daddy
Well as you say it looks like the equity partners have timed their exit perfectly . Being invited into equity at Strutts at the time Andy moved up -in the late 80s/early 90s required them to stump up £250k which was a considerable amount to find for those without family money
Andy joined from Bernard Thorpe (DTZ) as an investment agent and joined a small team ostensibly involved with Arlington and gently persuading the institutional market to buy Arlingtons product, the out of town business park. Team leader wasJames Donald who became senior partner firmly dispelling Strutts image of just farms and posh country house and the occasional town house floggers and pushing Andy up the leaderboard
These corporate sales are really a big kick in the teeth for those just below equity status
I had Andy down as interim chief for CWD as as swansong to replace Platt so that looks well out of the window On that note the sp at CWD turned north yesterday with some heavy volume Looks like the chairman is conducting a beauty parade for the exit of Platt
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