CORESTATE Capital, Luxembourg, agreed to acquire French real estate investment management firm STAM Europe, Paris, CORESTATE said in a statement Monday.
Subject to approval of the French regulator, CORESTATE will boost its AUM to €28 billion ($31 billion), by adding STAM's €2 billion portfolio of office, logistics, residential and retail real estate.
The deal is expected to close in the fourth quarter. Terms of the deal could not be immediately learned.
"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," said Lars Schnidrig, CEO of CORESTATE, in a joint news release.
"Being part of CORESTATE will give our investors much greater access to European real estate products and services," said STAM CEO Edward Bates in the release. "The increasing regulatory and customer requirements in areas such as transparency, fund management and environmental, social and governance can be addressed much better as part of a joined platform," he said, adding, "We therefore expect further significant organic growth impulses as part of the CORESTATE Group."
Spokesmen for both firms could not be immediately reached to provide additional details.
