Strutt & Parker is being bought by BNP Paribas Real Estate, which in turn is owned by French bank and financial services BNP Paribas Group.
The deal will be completed in September and will merge the UK subsidiary of BNP Paribas Real Estate with Strutt & Parker.
Under the new ownership it will be business as usual for the farming and rural agency parts of the business as well as for the residential agency, development and planning teams which will continue to operate under the Strutt & Parker brand.
The commercial property arm of Strutt & Parker will operate under the BNP Paribas Real Estate brand.
Strutt & Parker is the second biggest player in the UK rural market and third in the residential sector. It was established 130 years ago by Edward Gerald Strutt and Charles Alfred Parker, whose first office was in Finsbury Circus, London.
It has 60 offices across the UK and offers corporate and private clients property services covering rural, residential, retail, logistics and office developments.
BNP Paribas Real Estate provides development, investment management, property management, transaction, advisory and valuation services.