Stam Europe, a subsidiary of real estate investment manager Corestate Capital Holding, has bought a 13,000 m2 office complex in the city of Pantin, in the immediate proximity of the Paris ring road.
Financial details were not disclosed.
This transaction constitutes the ninth asset of the Madeleine fund, the owner of a portfolio of core/core+ office properties located in Paris and its first rim.
The complex consists of two independent office buildings of 5,000 m2 and 8,000 m2 respectively, delivered in 2002 and 2003. Both buildings are fully leased to the French public entity DVNI and the Legrand Group. In a statement, Stam said that the two assets fit perfectly with the Madeleine fund's strategy, with an established location, a secure rental flow and a potential for long-term value creation.
The building occupied by DVNI will provide a secure income stream, while the building currently occupied by the Legrand Group will be fully renovated by 2025, to offer a new building benefiting from the latest environmental standards.
Nils Hübener, CIO of Corestate Capital Group, said: ‘In difficult markets investors are searching in particular for investments that deliver sustainable and stable returns. Especially offices in established locations and with long, secure rental contracts and flexible space solutions are currently in demand from our clients. With this acquisition STAM demonstrates its excellent access to the very attractive office market in the Paris region.’
