BNP Paribas Real Estate acquired Strutt & Parker, the UK property services group, in a deal that will be completed in September 2017.
The deal hopes to triple its revenue and the number of staff it has in the UK covering the business to create a “leading UK real estate player”.
Thierry Laroue-Pont, chief executive of BNP Paribas Real Estate, said: “We are delighted to have this opportunity to create a new major real estate player that combines the skills of our two companies.”
Andy Martin, senior partner at Strutt & Parker, added: “I am very keen on the idea of uniting our brand with the strength of BNP Paribas Real Estate. It gives us a distinguishing feature and a new impetus in a constantly-evolving global market.
“This merger not only creates attractive commercial real estate opportunities, but also opens up new prospects in the rural and residential sectors.”
Strutt & Parker’s residential, rural, development and planning teams will continue to operate under the Strutt & Parker brand, whilst the commercial part of the business will operate under the BNP Paribas Real Estate brand.
Michael Perry, bridging finance broker at Enness Bridging, added: “I think this merger is a good sign, as it shows the estate agent market is consolidating.
“It is encouraging also to see BNP Paribas Real Estate securing their position into the UK market after Brexit as it shows confidence.”