The newly appointed Jean-Maxime Jouis, chief executive, and Thierry Laroue-Pont, executive chairman, unveil BNP Paribas Real Estate's plans for the future. BNP Paribas Real Estate’s U.S. alliance partner is Transwestern.
Business Immo: Why this new organization? Why now?
Thierry Laroue-Pont: At BNP Paribas Real Estate, it is customary for [the management] to anticipate and organize succession. I joined the group 23 years ago and succeeded Philippe Zivkovic 12 years ago. Having recently turned 60, it seemed natural to us to prepare for this transition and to promote a "pure internal real estate product". [Jean-Maxime Jouis began his career with the group in July 2007]. This choice is clear to our employees, all of our stakeholders, and, of course, our parent company, BNP Paribas.
The reaction to the announcement of this new organization has been very positive; many see it as a form of continuity and an opportune moment in the market to prepare for the 2030 plan.
BI: As Executive Chairman, you will continue to oversee the operational management of the Property Development business...
TLP: This is a long-term business, closely linked to elected officials and local authorities. It requires strategic and sustainable management. It therefore makes sense for me to prepare the structural projects that Jean-Maxime will be responsible for developing.
BI: Jean-Maxime, how do you feel about becoming CEO of BNP Paribas Real Estate?
JMJ: I feel immense pride, of course. I have enormous affection for the entire company, which has been my second home for nearly 20 years. I have regularly faced various challenges here and have always been trusted, particularly by Thierry. It's a big step, obviously, but it's a continuation of what I've done before, particularly my last assignment, which was to oversee the Investment Management business [BNP Paribas REIM, part of BNP Paribas Asset Management since January 2026]. I've been trained to take on challenges over the years, and I'm very grateful for that.
I am also keenly aware of the responsibility that the role entails. The effects of the real estate crisis have not yet completely dissipated. The future plan we have just announced is therefore very important for our entire organization and our employees. And then there is also the excitement of preparing for the rebound; an excitement accompanied by humility, because I still have a lot to learn.
TLP: Our offices are just a few meters apart... Jean-Maxime knows he can come and see me whenever he wants, just as I did with Philippe [Zivkovic] at the time. I wish him every success in a market environment that should gradually become more favorable again.
BI: What are the outlines of this "plan for the future" for BNP Paribas Real Estate?
JMJ: The current combination of two service businesses (Property Management and Advisory) and a balance sheet business (Development) has been reconfirmed. It makes sense. These businesses operate according to slightly different logic, but they are complementary. This diversification helps to mitigate revenue volatility. We rely on recognized expertise in each of these areas.
Let's start with Property Management, which we would not necessarily have mentioned first in the past. We are convinced, with humility but also pride, that we have built one of the two true pan-European players capable of offering first-class institutional services across all our geographies. Over the past 10 years, this business has worked hard to improve its profitability at a time when it was somewhat the poor relation of the real estate industry. It has invested in its processes and digitalization, broadened its scope to include value-added services with "My Services," and even become the operating partner of certain investors in various regions. We will continue to play this card by stepping up our investments in IT and data, especially since Csongor Csukas [head of this business line and also Deputy CEO of BNP Paribas Real Estate] has this in his DNA.
BI: What are your ambitions for the Advisory business (transactions, consulting, expertise)?
JMJ: We are the leader in the French and German markets across all asset classes. We therefore want to maintain this leadership in both regions. Historically recognized in the office market, we also want to strengthen our sector expertise in logistics, where it is already solid, in hospitality, where it is recognized, and in other segments. We will probably broaden our range to work more on specific areas such as healthcare real estate and data centers. Our residential business also has potential for development.
Our approach is resolutely European. Behind our pillars in France and Germany, we aim to be among the top three in capital markets in as many European markets as possible. We have a direct presence in Italy, Spain, Benelux, Ireland and the United Kingdom, as well as Poland. This will be based on local mechanisms to be developed, backed by our cross-functional capacity and integrated services.
BI: Are any new hires planned? Or even external growth operations?
JMJ: Nothing is ruled out in terms of external growth, but our primary strategy is organic growth, developing internal skills and mobility. Recruitment will accompany this dynamic.
BI: The last business line, the one you are responsible for, Thierry, is Property Development.
TLP: The bank's position is clear. We not only want to maintain this activity, but also develop it by changing the business mix. BNP Paribas Real Estate was a commercial property developer in the Paris region, working on behalf of major clients of BNP Paribas or the bank, and a residential developer, mainly in the Paris region and the Hauts-de-Seine department, in a somewhat high-end market.
In the future, the balance will be more oriented towards the regions (60%) than towards the Paris region (40%). The residential component will increase from 1,700 to 3,200 units, including 600 in student residences thanks to our integrated operator, Studélites, which is a security factor for our partners and local authorities. We will expand in regional cities, where demand is strong. We will target more granular operations, between 50 and 150 housing units, in order to limit administrative risks and optimize marketing times. In Île-de-France, we will develop more affordable offerings: BRS and LLI [social and "intermediate" housing] with prices between €4,500 and €6,500 per square meter and student residences in the inner and outer suburbs, where we have had less presence in the past, while maintaining our positioning in more premium segments (€8,000 to €10,000 per square meter).
BI: What about the tertiary sector?
TLP: Of course, we are retaining this expertise. However, the number of operations and volumes will be more measured: projects between 6,000 and 12,000 square meters in the Île-de-France region, in regional cities, in areas with high demand and low vacancy rates, in order to limit commercial risk. We will develop our hotel expertise in a context where mixed-use projects are becoming more widespread.
The advantage of this plan lies in the balance between a short cycle with Advisory, a resilient cycle with Property Management, and a long but highly contributory cycle with Property Development, whose impact on profitability will materialize by 2029-2030.
BI: Were these choices easy to make?
TLP: It is never easy to reinvent yourself in times of crisis. But it is precisely at such times that action must be taken. During my 12 years as chairman, I experienced six or seven idyllic years: construction costs were very low, the investment market was worth more than €300 billion in Europe, capitalization rates were constantly falling and rents were rising, while the Pinel law [a tax reduction on buying and renting out property] enabled us to make 56% of our sales. Since then, we have weathered one of the most significant real estate crises in recent decades, which has had a particularly severe impact on the real estate market. Now is the right time to update our trajectory and set a clear course for the company.
JMJ: Some choices are obviously difficult, but it was clear to both Thierry and me that undertaking this work, which should propel us into the new cycle, was essential for the company in the current market environment.
TLP: We also wanted to put an end to unfounded rumors: no, BNP Paribas Real Estate is not for sale. The bank is reaffirming its commitment and investing in a new generation of managers, supporting this new roadmap with significant investments, particularly in the group's digital ecosystem. It supports the development of our three business lines and values their complementarity.
BI: Like BNP Paribas Real Estate, CBRE France has a new CEO in the person of Raphael Brault. What will be the "hallmark" of this new generation, in your opinion, Jean-Maxime?
JMJ: We have one thing in common: we both come from investment management. There is probably an investor's eye in our approaches, with a particular interest in research and forecasting, which can be useful to all of our businesses.
Third-party management also strongly anchors customer value ratings and means that we are familiar with the constraints and world of large investors.
TLP: Jean-Maxime has an advantage thanks to his past experience. He worked closely with brokers and property managers and purchased assets from developers. His appointment seems like a natural progression in his career within the company.
BI: What are BNP Paribas Real Estate's objectives?
JMJ: Ambition is part of BNP Paribas' DNA. To remain relevant, on the scale of a group of this size, we must be among the best players in our sector. The market has changed significantly in recent years: this is a challenge, but also an opportunity, as it creates opportunities for the bold. We will be bold. We also have a track record of working for the long term: our roadmap will take us to 2030-2032.
By the end of this plan, BNP Paribas Real Estate aims to be both the leading real estate services platform in Europe and a major developer, particularly in the residential sector in France, generating some of the highest levels of profitability in the sector.
BI: What are your financial targets?
JMJ: We are aiming to return to our pre-crisis revenue levels.
TLP: I am convinced that we will exceed the record performance of 2019. That is precisely why Jean-Maxime was chosen.