STAM is delighted to welcome a new European institutional investor into the OPERA Fund which will enable us to grow the portfolio by over 100M€ 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 120M€ in value. An identified pipeline of circa 130M€ of investment opportunities is already under exclusivity or under review by STAM’s acquisition team to deploy the newly raised equity. At the same time, additional interests in the Fund are materializing, with investors representing approximately 100M€ in additional commitments currently performing due diligence towards a final closing by 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, comments: “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.”