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DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate/Acquisition
CORESTATE subsidiary STAM Europe acquires another building in Paris for the OPERA residential property fund
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.
13.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Corestate Capital Holding S.A.
4, Rue Jean Monnet
+49 69 3535630-107
+49 69 3535630-29
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
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