STAM Europe has acquired another residential building on behalf of its Opera residential property fund, which is still in its investment phase with a total investment capacity of around €380 million. The asset is located 49 boulevard de Courcelles in the 8th arrondissement of Paris in the immediate vicinity of the Parc Monceau, and was acquired from a private seller. With a total area of approximately 3,000 sqm, the post-Haussmannian building consists of 7 stories featuring some commercial space as well as a majority of residential areas.
Paris, 13 September 2021. STAM Europe, a subsidiary Corestate Capital Group, has acquired another residential building on behalf of its Opera residential property fund, which is still in its investment phase with a total investment capacity of around €380 million. The asset is located 49 boulevard de Courcelles in the 8th arrondissement of Paris in the immediate vicinity of the Parc Monceau, and was acquired from a private seller. With a total area of approximately 3,000 sqm, the post-Haussmannian building consists of 7 stories featuring some commercial space as well as a majority of residential areas.
“The 49 boulevard de Courcelles is a prestigious building located in the heart of the CBD in an upscale residential area. The building has a strong value creation potential and perfectly complements the existing portfolio of the Opera fund”, explains Alexandra Vaquin, Head of Acquisitions at STAM Europe.
François Orliaguet, Investment Manager at STAM Europe, adds: “The property will undergo a major renovation program, including the restructuring of all the residential floors, with the aim of offering high-end apartments adapted to their market.”
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.
The transaction was brokered by JLL´s Residential Capital Markets team.
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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