STAM Europe’s multi-family housing fund has raised an additional €60m from a new European institutional investor.
The Opera Fund, which targets assets mainly in Paris and its suburbs, also has additional interests from investors representing €100m in additional commitments currently performing due diligence towards a final closing by mid-2021, STAM Europe said.
In January 2019, the core and core-plus fund – which was seeking to raise up to €400m – raised an initial €84m equity commitments from institutional investors and was seeded with the two Haussmannian properties in the 17th arrondissement of Paris.
The manager said the fund’s assets now comprise three Haussmannian properties worth more than €120m, adding that the has also has a €130m investment pipeline.
The Opera Fund typically targets properties offering secured rental income and/or opportunities for
value creation with renovation programmes, 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.
Edward Bates, STAM Europe CEO and president, said: “We launched the Opera strategy pre-Covid 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 continuing building up a portfolio of quality robust assets for our investors in this fund.”
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