STAM Europe has acquired two residential buildings from Friedland Investissement in the 3rd and 17th arrondissements of Paris. The portfolio has a total area of 1,800 m² and consists of a six-floor, Haussmann-style property and a multi-purpose residential building with two retail units on the ground floor.
Paris, 29. June 2021 – STAM Europe, a subsidiary of the CORESTATE Capital Group, has acquired two residential buildings from Friedland Investissement in the 3rd and 17th arrondissements of Paris. The portfolio has a total area of 1,800 m² and consists of a six-floor, Haussmann-style property and a multi-purpose residential building with two retail units on the ground floor.
“Both objects wonderfully complement the Opera Fund’s existing residential portfolio, as they provide for diversity with regards to apartment size and location, allowing us to cover various residential markets in the capital,” explains Alexandra Vaquin, Head of Acquisitions at STAM Europe. “We are very active in the Parisian residential market and position ourselves both on assets with secured income and on buildings which offer opportunities for value creation through restructuring, renovations and the re-leasing of vacant apartments.”
The Opera Fund, which was launched in December 2018 and is managed by STAM France IM, is still in the investment phase and has a residual investment capacity of around € 380m. The OPERA Fund is a long-term Core/Core+ real estate fund, investing in multi-family residential assets located mainly in Paris and its quality suburbs. The product targets properties which offer secured rental income and/or opportunities for value creation with renovation programs, the construction of new lettable areas, the restructuring of old commercial spaces, the division of existing larger apartments and the re-leasing of vacant ones.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With 830 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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