Tristan Capital Partners’s value-add real estate fund has joined forces with STAM Europe to buy an office development site in France’s capital.
Tristan’s €1.5bn European Property Investors Special Opportunities IV (EPISO 4) and STAM’s joint venture will use the site to build a five-storey office building providing 14,500sqm of prime office space in Val-de-Fontenay.
No financial details were disclosed.
The partners will carry out the construction alongside developer BPD Marignan. STAM will be responsible for asset management.
Construction work is expected to be complete in the second quarter of 2021.
Jean-Philippe Blangy, a managing director and head of portfolio and asset management at Tristan, said: “We are convinced of the strength of the submarket and are familiar with the area having acquired with the previous vintage of our opportunity fund, a 12,000sqm property on the Michel Ange office campus in April 2016, currently fully let to a French government agency.”
Edward Bates, a managing director at STAM, said: “The scarcity of new, modern office space in eastern Paris, together with extremely low vacancy rates in Val-de-Fontenay will increase the appeal of the development to occupiers seeking good quality space at attractive rents.”