European independent fund manager Stam Europe has completed its first development project in Italy with the delivery of the Green Place office scheme in central Milan.
European independent fund manager Stam Europe has completed its first development project in Italy with the delivery of the Green Place office scheme in central Milan.
The Paris-based company has built an 11,000 m2 office complex to the North west of Milan, according to a project designed by architect Goring & Straja. Stam Europe is a privately held, independent real estate investment manager with over €1 bn of assets under management.
The scheme boasts a LEED Gold environmental certificate. Agents JLL and DTZ were appointed to market the asset.
The development is the first of a series of operations planned by Stam Europe in Italy, said managing director Edward Bates.
'We have confidence in the Italian real estate market,' he said. 'We are planning an investment of a total of €500 mln in the country, out of a total warchest of €1.5 bn,' he added.
Bates, the former co-head of Doughty Hanson & Co Real Estate, joined the French fund manager as its new managing director in February this year.
He works closely with Antoine de Broglie, chairman of Stam Europe. Bates previously worked as co-head of real estate at Doughty Hanson which he joined in 2007 to replace John Howard. Bates led the group's growth in continental Europe, alongside fellow co-head Julian Gabriel, and stepped down in 2011.
