The merger, due to be completed in September, will allow BNP Paribas RE UK to broaden its services offering through Strutt & Parker’s expertise in rural and residential markets.
No financial details were given for the acquisition.
BNP Paribas will now operate the commercial arm of the business, while Strutt & Parker will continue to run its rural, residential and urban development teams across its 60 UK offices.
Thierry Laroue-Pont, CEO of BNP Paribas RE, said: “This combination will enable us to offer our clients, all over the world, a broadened and deeper expertise as well as new, even more innovative services and solutions. In this new stage of development, we shall carefully take into consideration the expectations of both groups’ employees and clients.”
Andy Martin, senior partner at Strutt & Parker, said: “I have been impressed by the respect that [BNP Paribas] has shown for our values, and by their emphasis on the relationship with employees and clients across all our business sectors.”
He added: “This merger not only creates attractive commercial real estate opportunities, but also opens up new prospects in the rural and residential sectors thanks to the size and strength of the group that we are creating together.”