French banking giant BNP Paribas is currently seeking a buyer for Strutt and Parker, a prestigious British estate agent that it acquired seven years ago. According to sources, BNP Paribas’s real estate arm has begun reaching out to potential buyers for the chain, which has a workforce of over 500 employees.
This move comes as the estate agency sector experiences a surge in corporate activity, with expectations of a decrease in interest rates leading to increased demand for home buying in the upcoming months. In 2017, BNP Paribas acquired Strutt & Parker and merged its commercial arm into its own real estate division. The estate agency business has since continued to operate under its original brand, with numerous offices scattered across Britain. Strutt & Parker specializes in high-end properties in the housing market.
It has also been reported that other players in the sector, such as Lomond Group, are also up for sale. Lomond Group, which was formed from the merger of Lomond Capital and Linley & Simpson in 2021, is currently being prepared for auction by its owner, LDC.
Meanwhile, speculation has been growing about a possible bid for Foxtons, a London-listed estate agent. Recently, it was revealed that Foxtons has enlisted the help of bankers at Rothschild as financial advisers, in anticipation of a potential bid. When asked for a comment, a spokesperson for BNP Paribas Real Estate stated that they do not comment on market rumors.
