Corestate takes over STAM Europe
Corestate is entering the French market and adding real estate worth €2bn to its portfolio through the acquisition of the French investment management firm STAM Europe. Corestate is based in Luxembourg and listed on the Frankfurt Stock Exchange; STAM Europe invests institutional funds in the office, logistics, residential and retail asset classes, primarily in France; it previously acted as asset manager for Allianz’s French real estate investments and the Dresdner Bank DEGI fund. Two years ago Corestate announced the expansion of its business to other European countries and in late 2018 took over CRM Students, a British student apartment operator. “With this acquisition, we are implementing our European growth strategy,” says CEO Lars Schnidrig. The transaction should be completed in the 4th quarter pending approval by the French regulatory authorities. This would then be the first logistics properties in Corestate’s portfolio.
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