Stam Europe, the independent investment and asset management firm, has launched a dedicated residential property fund focusing on Paris with the acquisition of two assets for around €110 mln.
The company said that it purchased two Haussmannian buildings in the 17th arrondissment of the French capital in December 2018, effectively seeding the fund.
Dubbed Opera, the fund is a long-term core/core plus real estate fund targeting investments in multi-family residential properties located mainly in Paris and its quality suburbs. The fund will seek additional equity participations to grow the portfolio to €300-€400 mln with moderate leverage over the next two years.
'Parisian residential real estate appears to be a resilient asset class in the long term with a price per m2 which has not sustained the inflation incurred by the price per m2 of offices,' said Antoine de Broglie, chairman of Stam France IM and STAM Europe.
The first properties acquired combine secured rental income with opportunities for value creation with the construction of new apartments in the old service rooms area, the division of existing larger units and the lease-up of the assets, according to Stam.
'We are extremely pleased to launch this residential strategy with our club of like-minded investors and to have managed to secure and close an attractive seed investment in parallel to the first closing of the Opera fund,' added Samantha Sudre Roux, director of investor relations at Stam Europe.
