Stam Europe, a subsidiary of real estate investment manager Corestate Capital Holding, has launched a joint venture with a North American institutional investor to invest around €250 mln in the logistics and light industrial sectors in France.
The JV, known as Highlands II, will target assets in urban areas that offer the potential to add value, either through rental reversion or capex initiatives. It is the second investment programme Stam has established with the US partner.
Highlands II has already purchased its first asset, a 62,000 m2 logistics platform fully leased to Renault in Basse Ham in eastern France. The vendor was AXA IM - Real Assets acting on behalf of clients. Another €125 mln of investment opportunities are under exclusivity, Stam said.
Lars Schnidrig, CEO of Corestate, said: 'Logistic real estate is currently one of the most sought-after asset classes. With the acquisition of the first property and its already well-filled deal pipeline, Stam once again demonstrates its excellent access to the very attractive French real estate market.'
Edward Bates, CEO of STAM Europe, commented: 'We are pleased to deploy this new strategy with our North American institutional partner. We are convinced that the logistics sector, and particularly urban logistics, presents opportunities and value creation potential that we wish to capture in order to generate strong cash-on-cash and attractive returns for the risk taken.'
Stam Europe will act as investment and asset manager on behalf of the joint venture.
