Pan-European investment manager Corestate Capital Holding has reported that its subsidiary Stam Europe has picked up another building in Paris for the Opera residential property fund.
The fund is still in its investment phase, with a total investment capacity of around €380 mln. The asset is located 49 boulevard de Courcelles in the 8th arrondissement of Paris in the immediate vicinity of the Parc Monceau, and was acquired from a private seller. Financial details were not disclosed.
With a total area of approximately 3,000 m2, the post-Haussmannian building consists of seven stories featuring some commercial space as well as a majority of residential areas.
Alexandra Vaquin, head of acquisitions at Stam Europe said: 'The 49 boulevard de Courcelles is a prestigious building located in the heart of the CBD in an upscale residential area.
'The building has a strong value creation potential and perfectly complements the existing portfolio of the Opera fund.'
François Orliaguet, investment manager at Stam Europe, added: 'The property will undergo a major renovation program, including the restructuring of all the residential floors, with the aim of offering high-end apartments adapted to their market.'
The Opera Fund, which was launched in December 2018 and is managed by Stam France IM, is a long-term Core/Core+ real estate fund, investing in multi-family residential assets located mainly in Paris and its quality suburbs.
The transaction was brokered by JLL's residential capital markets team.
