A STAM Europe fund has bought a 10,000sqm mixed-use building in France from Patrizia Immobilien.
The Madeleine Fund invested €64m to acquire the asset in Boulogne-Billancourt. The property has five floors above ground used as offices and two basements used as TV studios.
Maud Wargny, the acquisitions director at STAM Europe, said: “This acquisition, which constitutes the 7th asset in the Madeleine fund, complements the previous acquisitions by further diversifying the fund portfolio geographically and income wise.
“STAM, as the asset manager, will be responsible for leasing-up the vacant surfaces after implementing a CapEx program necessary to offer future tenants a workspace and environment adapted to current market standards.”