Paris-headquarted asset management firm Stam Europe has acquired a mixed-use building in Boulogne-Billancourt, Paris, from Patrizia Immobilien for €64 mln.
Acquired on behalf of the Madeleine fund, the 10,000 m2 property was delivered in 1991 and comprises five floors of offices above ground, plus two basements used as TV studios. The asset is mainly let to La Française des Jeux, the French lottery and gaming company.
'This acquisition, which constitutes the seventh asset in the Madeleine fund, complements the previous acquisitions by further diversifying the fund portfolio geographically and income-wise,' said Maud Wargny, acquisitions director at Stam Europe.
'Stam, as the asset manager, will be responsible for leasing-up the vacant surfaces after implementing a capex program necessary to offer future tenants a work space and environment adapted to current market standards,' Wargny added. 'The location of the asset in the city centre of Boulogne, in close proximity to the shopping centre Les Passages, allows us to be very confident in our ability to lease-up the remaining vacant floor.'
This transaction was executed as a share deal. The Madeleine fund was advised by the notary Lasaygues, the law firm LPA-CGR, and tax advisor Fidal. Ernst & Young and Groupe NOX advised on technical due diligence.
Patrizia was advised by BNPP Real Estate and the notary Les Notaires du Quai Voltaire.
