Corestate marks French property market entry with STAM Europe acquisition
European real estate manager Corestate Capital has marked its entry into France with the acquisition of the €2bn real estate investment management firm STAM Europe.
Corestate said in a statement that it will acquire the French manager for an undisclosed sum.
Founded in 1997, STAM focuses on office, logistics, residential and retail assets.
Luxembourg-headquartered Corestate, which is listed on the Frankfurt Stock Exchange, manages €26bn assets and has 42 offices including in Frankfurt, London, Madrid, Singapore and Zurich.
Lars Schnidrig, CEO of Corestate, said: “Through this acquisition, we are consistently executing our European growth strategy.
”We are significantly expanding our product range on a regional basis in the highly attractive French market and at the same time expanding it to include a new asset class with the large logistics portfolio under management we are acquiring.”
Edward Bates, CEO of STAM Europe, said: “Being part of Corestate will give our investors much greater access to European real estate products and services. The increasing regulatory and customer requirements in areas such as transparency, fund management and ESG can be addressed much better as part of a joined platform.
“We, therefore, expect further significant organic growth impulses as part of the Corestate group.
The deal which is subject to regulatory approval is expected to close in the fourth quarter of 2019.