STAM Europe, a subsidiary of CORESTATE Capital Group, acquired, as part of an off-market process and on behalf of the Madeleine fund, an office property complex of approximately 13,000 sqm in Pantin, in the immediate proximity of the Paris ring road.
The complex consists of two independent office buildings of approximately 5,000 sqm and 8,000 sqm, delivered in 2002 and 2003, respectively five and eight storeys high with two basement levels for parking. Both buildings are fully leased to the DVNI (a French public entity) and the Legrand Group.
« This transaction constitutes the ninth asset of the Madeleine fund, a portfolio of core/core+ office properties located in Paris and its first rim. » commented François Orliaguet, Investment Manager at STAM Europe. « These two assets fit perfectly with the Madeleine fund’s strategy, with an established location, a secure rental flow and a potential for long-term value creation. The building occupied by DVNI, historical tenant in the Pantin Manufacture area, will provide a secure income stream, while the building currently occupied by the Legrand Group will be fully renovated by 2025, to offer a new building adapted to the future expectations of users and benefiting from the latest environmental standards. »
Alexandra Vaquin, Head of Acquisitions at STAM Europe, added: « The location of the assets at the foot of metro line 5 and within the main office market of the city of Pantin, which has undergone profound changes over the last ten years, combined with reasonable rent levels for the Parisian market, allow us to be confident about the resilience of this investment and its added value within the Madeleine portfolio. »
The Madeleine fund was advised by l’étude Lasaygues (notary), the law firm DLA PIPER, Nomad Conseil (technical) and Catella.