STAM Europe and the CCP 5 Long-Life core-plus style fund managed by Tristan Capital Partners have acquired off market an office complex in the established Rueil-Malmaison office sub-market of northwest Paris, close to La Défense, for approximately €92 million from a fund managed by Catalyst Capital.
STAM Europe will act as asset manager for the portfolio.
The real estate complex, certified HQE Exploitation, is composed of three renovated office buildings totaling approximately 18 200 m². Currently leased at roughly 84%, the ensemble presents the opportunity to create additional value through the lease-up of vacant areas.
« This transaction fits our strategy to invest in quality office buildings within established office markets. The property offers a good mix of in-place tenants thanks to its exceptional location within the Rueil-Malmaison market – right next to the fast urban train (RER A) station – and to the buildings’ attractive services and features. We are therefore confident in our ability to lease-up the remaining vacant areas », says Maud Wargny, Acquisitions Director, STAM Europe.
The transaction was completed with CBRE as advisor on the acquisition, the law firm Allen&Overy and the notary Allez&Associés.
Source: STAM