Affiliates of Northwood Investors LLC ("Northwood") completed the acquisition of more than 87,000 square meters of office and industrial properties located in the Paris region and certain regional markets of France (the "Printemps Portfolio") for €164 million. Formerly owned by STAM REI III, a property fund managed by affiliates of STAM Europe ("STAM"), the Printemps Portfolio includes Clichy Urbia, a 16,500-square meter Grade A office building fully let to SNCF located in the Paris region; the Toscane Portfolio, a 25,000-square meter portfolio of nine multi-let office properties also located in the Paris region; and the Prosdim Portfolio, a 46,000-square meter portfolio of five industrial properties located in the regional French markets.
"The Printemps Portfolio represented an attractive opportunity to increase the scale and scope of our existing holdings in France at a cyclical low point in the French property market. We believe France is at an interesting inflection point with potential for further upside as reforms continue to be implemented alongside accommodative monetary policy," said John Z. Kukral, Northwood's President and Chief Executive Officer.
Antoine de Broglie, STAM's Chairman, commented, "We are pleased to have completed this highly complex transaction with Northwood in a relatively rapid timeframe. With the successful conclusion of this sale, STAM was able to provide a holistic liquidity solution for the bulk of STAM REI III's assets to its investors at an attractive valuation."
Jerome Anselme, Managing Director with Northwood, added, "We are very excited to add the Printemps Portfolio to our existing French assets. We believe that it offers a unique combination of steady income and potential value appreciation."
Accord Europe Limited served as the exclusive financial advisor to STAM Europe. Northwood Investors LLC was self-advised.
ABOUT NORTHWOOD INVESTORS LLC
Northwood Investors is a leading privately held global real estate investment and management firm with approximately $5.6 billion of assets under management. Northwood owns and manages a diverse portfolio of real estate assets worldwide, including office, retail, hospitality, residential and industrial properties. For further information on Northwood, visit: www.northwoodinvestors.com.
ABOUT STAM EUROPE
Since its founding in 1997, STAM Europe has completed investments representing €3.3 billion and currently has approximately €500 million of assets under management primarily through its existing value added funds and separate accounts.
ABOUT ACCORD EUROPE LIMITED
With headquarters in San Francisco and additional offices in Chicago and London, Accord Group Holdings LLC ("Accord") harnesses a powerful combination of capital markets, investment management and principal investment capabilities for a wide variety of participants in the real estate private equity industry globally. Through Accord Europe Limited, its broker/dealer affiliate in the United Kingdom, Accord provides advisory and capital raising services to its clients in Europe. For further information on Accord, visit: www.accord-group.net.
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