BNP Paribas Real Estate Development has inked the off-plan sale of the 99 West scheme in Frankfurt, on a plot acquired in April 2018.
The €265 mln 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.
Work started on the 99 West Tower in summer 2019. It will provide 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.
'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,' said 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,' added Thomas Charvet.