Corestate Capital Holding SA closed the acquisition of its France-based real estate investment manager peer Stam Europe after French regulatory authority AMF approved the transaction.
Corestate said the acquisition of Stam Europe expands its assets under management by about €2 billion to €28 billion.
Corestate's entry in the French market is in line with the company's European growth strategy, which includes introducing its micro-living platform in France. The acquisition also diversifies Corestate's product range with the addition of logistics assets from Stam. Stam's portfolio also comprises residential, office and retail properties.
Stam CEO Edward Bates is set to join Corestate's senior leadership team, and integration of Stam is expected to take place in the first quarter.