Corestate’s STAM Europe acquires three light industrial parks in Paris
STAM Europe, a French logistics company, has acquired three light industrial parks in the Paris region from their developer Pierreval for an undisclosed price.
The Corestate subsidiary had carried out the acquisition on behalf of the Highlands II joint venture — its second investment program with a North America-based institutional investor in the logistics and light industrial sectors in France.
STAM Europe is the investment and asset manager on behalf of Highlands II joint venture.
Alexandra Vaquin — Head of Acquisitions at STAM Europe said: “Our ability to acquire spec developments allows us to position ourselves on quality assets that meet new environmental requirements and the needs of users. Given the location of these sites and the scarcity of new programs, we are very confident in our ability to lease the assets.”
The three sites, which occupy a combined space of over 15,000sqm, are located nearly 30-45 km south of Paris.
According to Corestate, the assets will target a BREEAM Good certification and will provide 200 to 500 sqm units for rent in 2022.