STAM Europe is delighted to welcome a new European institutional investor into the OPERA Fund which will enable STAM to grow the portfolio by over EUR 100m in 2021. The OPERA Fund is a long-term core/core plus real estate fund targeting investments in multi-family residential assets located mainly in Paris and its quality suburbs.
Paris, 21 January 2021. STAM Europe, a subsidiary of CORESTATE Capital Holding S.A. (CORESTATE), is delighted to welcome a new European institutional investor into the OPERA Fund which will enable STAM to grow the portfolio by over EUR 100m in 2021. The OPERA Fund is a long-term core/core plus real estate fund targeting investments in multi-family residential assets located mainly in Paris and its quality suburbs.
Edward Bates, CEO and President, comments: “We launched the OPERA strategy pre-Covid-19 on the basis that we believed in the long-term resilience of the housing sector and its potential value appreciation in a constrained world-city like Paris. Today, in the midst of the current sanitary crisis, Parisian residential has kept all its promises. We are looking forward to continue building-up a portfolio of quality robust assets for our investors in this fund.”
The Fund already comprises three high end Haussmannian properties located in sought-after Parisian neighborhoods and totaling north of EUR 120m in value. An identified pipeline of circa EUR 130m of investment opportunities is already under exclusivity or under review by STAM’s acquisition team to deploy the newly raised equity. At the same time, additional interests in the Fund are materializing, with investors representing approximately EUR 100m in additional commitments currently performing due diligence towards a final closing by mid-2021. The OPERA Fund typically targets properties offering secured rental income and/or opportunities for value creation with renovation programs, the construction of new lettable areas, the restructuring of old service rooms, the division of existing larger apartments and the lease-up 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 some 800 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 (SDAX) and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 13 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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