Corestate's Stam Europe subsidiary has reinforced its position in the urban logistics sector with the acquisition of three light industrial parks in the Paris region from developer Pierreval.
The deal was closed on behalf of the Highlands II joint venture between Stam and an unnamed North American institutional investor.
The three sites, totalling more than 15,000 m2, are located approximately 30-45 km south of Paris and will target a BREEAM Good certification. They will offer the potential to add value, either through rental reversion or through the implementation of Capex programmes.
The Highlands II investment strategy targets existing and leased assets as well as development projects with leasing risk in attractive areas. Stam Europe acts as investment and asset manager on behalf of the joint venture.
Alexandra Vaquin, head of Acquisitions at Stam Europe, commented: '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.'