Asset manager STAM, which is owned by Corestate Capital, has acquired a residential building in Paris on behalf of the Opera fund.
Financial details were not disclosed.
This asset is located near the place de la République in the 3rd arrondissement of Paris, and comprises two buildings arranged around a shared courtyard planted with trees.
It has a total surface area of around 1,500 m2 acoss 18 units, divided into 1 retail unit and 17 apartments.
François Orliaguet, senior investment manager at STAM Europe, said: 'This latest acquisition complements our portfolio of Paris assets, diversifying both the size of the apartments and their location.
'We were able to convince our investors of the quality of this asset despite current market conditions.
'This acquisition brings our residential portfolio under management to over €350 mln.'
Alexandra Vaquin, director of acquisitions at STAM Europe, said: 'In line with its ESG strategy, STAM will deploy a renovation programme to improve the building's energy performance, notably via the installation of external insulation on the courtyard façade and the renovation of the apartments.
'We are continuing to roll out the strategy of our Opera residential fund and hope to take advantage of the many opportunities on the market in the residential sector.'