The new firm, Atisreal Espana, will have approximately 400 staff in 11 offices throughout Spain and will be managed by chairman Jorge Zanoletty and chief executive officer Maria Marin. The purchase of Grupo Gesinar does not include its South American subsidiary companies in Argentina and Chile.

Grupo Gesinar, which was previously owned by venture capitalist 3i, was established in 1998. The agency had a gross turnover of euro 28 million ($35.69 million) in 2005. It is currently marketing a portfolio of 10,000 new residential units and also has more than five million sf of offices under management.

Before the acquisition Atisreal was ranked eighth in Spain in terms of turnover. "This acquisition is strategic for Atisreal as it reinforces our presence in all of our four core business activities: services, property management, investment management and property development," says Philippe Zivkovic, chairman of Atisreal and of its parent company BNP Paribas Real Estate. "Spain will now join France, Germany and the UK as one of our major European markets."