STAM Europe has acquired three new European institutional investors for its OPERA residential real estate fund. The equity commitments of the new investors combined with the willingness of existing shareholders to increase their stakes generate an increase of €160 million in available equity for the fund. In total, including bank financing, the OPERA Fund has approximately €380 million to deploy in residential real estate in France.
Paris, 3 August 2021 – STAM Europe, a subsidiary of the CORESTATE Capital Group, has acquired three new European institutional investors for its OPERA residential real estate fund. The equity commitments of the new investors combined with the willingness of existing shareholders to increase their stakes generate an increase of €160 million in available equity for the fund. In total, including bank financing, the OPERA Fund has approximately €380 million to deploy in residential real estate in France.
Samantha Sudre Roux, Director Investor Relations: “With this latest closing, the OPERA Fund will have attracted a total of just over €300 million in equity from 9 European pension funds. This result, which is about 20% above our initial target, reflects a sustained appetite for the asset class among investors, but also confidence in the attractiveness of Paris as a world city and in STAM’s ability to source attractive investment opportunities and to implement its strategy.”
The Opera Fund, which was launched in December 2018 and is managed by STAM France IM 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. Recently, the OPERA Fund added two assets to its portfolio, located in the 17th and 3rd arrondissements, and signed a promissory contract on a Haussmannian building in the center of Paris.
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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