DGAP-News

Corestate subsidiary STAM Europe acquires office complex in the Paris region for a core/core+ fund

DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate Corestate subsidiary STAM Europe acquires office complex in the Paris region for a core/core+ fund 17.09.2020 / 07:00 The issuer is solely responsible for the content of this announcement. Corestate subsidiary STAM Europe acquires office complex in the Paris region for a core/core+ fund

• Ninth asset on behalf of the Madeleine fund
• Demonstrated access to attractive commercial assets in France
• Established location, secure rental flow, potential for long-term value creation

Paris, 17 September 2020. STAM Europe, a subsidiary of real estate investment manager Corestate Capital Holding S.A., has acquired an office property complex of approximately 13,000 sqm in the city of Pantin, in the immediate proximity of the Paris ring road. This transaction constitutes the ninth asset of the Madeleine fund, a portfolio of core/core+ office properties located in Paris and its first rim.

Nils Hübener, CIO Corestate Capital Group: "In difficult markets investors are searching in particular for investments that deliver sustainable and stable returns. Especially offices in established locations and with long, secure rental contracts and flexible space solutions are currently in demand from our clients. With this acquisition STAM demonstrates its excellent access to the very attractive office market in the Paris region."

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. The 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 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. The objects are located at the foot of metro line 5 and within the main office market of Pantin, which has undergone profound changes over the last ten years, combined with reasonable rent levels for the Parisian market.