French real estate broker Atisreal breaks into the Romanian market after taking over CornerstonePublish date: 12-02-2008
Atisreal, the real estate division of BNP Paribas, France's largest bank, purchased Cornerstone International, the successor of the company that owned the CB Richard Ellis license in Romania, and opened today an office to operate on the real estate market in Romania, a company release reads.
The new company will operate on the office, residential, retail, industrial and land segments. After the takeover, Cornerstone's manager and board president, Ioana Momiceanu will keep her title within the new structure.
The partnership with Atisreal will strengthen the company's position on the real estate market helping to transfer experience and a series of new services for clients, Momiceanu said. On the other hand, the deal was a result of the real estate market dynamics in Eastern Europe, Atisreal representatives said.
The acquisition reveals Atisreal's plan to expand in Eastern Europe. Cornerstone's revenues hiked some 60 percent annually from opening to present. This way, Atisreal consolidates its international network and will be able to offer real estate services to clients who carry out real estate projects in Romania, Atisrael International president, Henry Faure said.
Cornerstone operated for seven years as franchiser of CB Richard Ellis. Its revenues stood at 3 million euros in 2007 and its client portfolio doubled from 2006.
Atisreal owns 60 offices in Europe and clinched partnerships with several companies in the U.S. and Asia. Its revenues stood at 340 million euros in 2006.
BNP Paris is one of the largest banks worldwide with assets of almost 1,440 billion euros at the end of 2006.
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