AEW, acting on behalf of one of its value-add funds, has acquired the office asset Futura II in Montigny-Le-Bretonneux within the Saint-Quentin-en-Yvelines (SQY) submarket to the south-west of Paris. The property was purchased from an Irish investment fund for an undisclosed amount. Built in 2007, Futura II comprises 7,884m² spread over 8 floors. The 7,325m² of the office space is currently let to Expleo, who will be vacating by year-end. Additionally, the complex offers two retail units let to a gym and cafeteria, and benefits from a parking facility for 151 vehicles.
Alexander Strassburger, Co-Head of Investments for AEW’s Private Equity Funds in Europe, said: “This acquisition is strongly aligned to our value-add strategy. With the planned lease surrender from the existing main tenant, we have the opportunity to fully refurbish once they vacate and re-let the property in a market benefitting from strong demand and a lack of available space.”
