Luxembourg-based investment manager Corestate Capital has acquired French real estate investment management firm Stam Europe to create a group with around €28 bn of assets under management.
Corestate said that a market entry into France was a core element of its European growth strategy, and that the takeover would expand its product range in the areas of logistics, office space and residential.
'We are pleased to welcome such a strong and established asset management company to our group,' said said Lars Schnidrig (pictured), CEO of Corestate.
'Through this acquisition, we are consistently executing our European growth strategy.
'We are significantly expanding our product range on a regional basis in the highly attractive French market and at the same time expanding it to include a new asset class with the large logistics portfolio under management we are acquiring,' Schnidrig added.
The Frankfurt-listed firm manages around €26 bn of assets, and said that Stam, which was founded in 1997, managed some €2 bn of properties. With a focus on the French market, Stam specialises in offices, logistics, residential and retail and employs 25 people.
'Being part of Corestate will give our investors much greater access to European real estate products and services,' said Edward Bates, CEO of Stam.
'The increasing regulatory and customer requirements in areas such as transparency, fund management and ESG can be addressed much better as part of a joined platform. We therefore expect further significant organic growth impulses as part of the Corestate group,' Bates added.
The closure of the transaction is subject to the approval of the French regulatory authority AMF and is expected to take place in the fourth quarter of 2019.