French asset manager Stam announced on Wednesday that it has raised a further €60 mln of equity for its Opera fund which will enable it to grow the fund portfolio by over €100 mln in 2021.
The Opera Fund is a long-term core/core plus real estate fund targeting investments in multi-family residential assets located mainly in Paris and its quality suburbs. The fund already comprises three high-end Haussmannian properties located in sought-after Parisian neighborhoods and totaling north of €120 mln in value.
An identified pipeline of circa €130 mln of investment opportunities is already under exclusivity or under review by Stam’s acquisition team to deploy the newly raised equity.
Stam, a unit of Corestate Capital Group, anticipated that it is in discussions with investors for an additional €100 mln of equity for a final closing of the fund expected for mid-2021.
The Opera Fund typically targets properties offering secured rental income and/or opportunities for value creation with renovation programs, the construction of new lettable areas, the restructuring of old service rooms, the division of existing larger apartments and the lease-up of vacant ones.
Edward Bates, CEO and President, commented: 'We launched the Opera strategy pre-Covid on the basis that we believed in the long-term resilience of the housing sector and its potential value appreciation in a constrained world-city like Paris. Today, in the midst of the current sanitary crisis, Parisian residential has kept all its promises. We are looking forward to continue building-up a portfolio of quality robust assets for our investors in this fund.'
