The Opéra residential real estate fund, run by commercial real estate firm Stam France IM, part of rival Stam Europe, has acquired two residential buildings located on Boulevard Malesherbes in Paris.
The Opéra fund acquired the buildings from a fund managed by real estate company Swiss Life Reim, for around 110 million euros ($124.9 million).
Further, the Opéra fund will invest in quality residential assets in Paris and its surrounding suburbs.
The deal also consists of the construction of new housing and the possibility of dividing certain large apartments to optimise the occupancy rate.