STAM Europe, a subsidiary of real estate investment manager Corestate Capital Holding S.A., and a North American institutional investor launch their second investment program in the logistics and light industrial sectors in France in the form of a joint venture – Highlands II.
The objective of the partnership is to deploy approximately €250 million to create a diversified portfolio of logistics and light industrial assets in established and mainly urban areas.
The targeted assets should offer the potential to add value, either through rental reversion or through the implementation of CAPEX programs. The strategy will target existing and leased assets as well as development projects with leasing risk in attractive areas.
STAM Europe will act as Investment and Asset Manager on behalf of the joint venture.
Edward Bates, President & CEO of STAM Europe, comments: « We are pleased to deploy this new strategy with our North American institutional partner. We are convinced that the logistics sector, and particularly urban logistics, presents opportunities and value creation potential that we wish to capture in order to generate strong cash-on-cash and attractive returns for the risk taken. »
As part of this new strategy, Highlands II finalized the acquisition of a 62,000 sqm logistics platform fully leased to Renault in Basse Ham in eastern France from AXA IM – Real Assets acting on behalf of their clients. The joint venture carries on its investment program with approximately €125 million of investment opportunities now under exclusivity.
Augustin Olivier, Investment Manager with STAM Europe adds: « We are very pleased to have completed this acquisition, which offers our investor secure long-term cash flow and potential for value creation. »