Asset manager Stam Europe has agreed a 10-year credit facility with French corporate bank Natixis for its new fund focusing on residential property in Paris.
The initial credit line of €100 mln will finance the SPPICAV Opera fund, which was seeded with the acquisition of two Haussmannian buildings in the 17th arrondissement in December.
Stam Europe is looking for additional equity partners so it can grow the value of the fund to €300-€400 mln in the next two years. The fund is concentrating on core and core-plus investments located in Paris's most prestigious suburbs.
Natixis was advised by Allez & Associés notaries and law firm Meyer Brown, while Attal & Associés and DLA Piper acted for the fund.
