FREO Group has completed the sale of 22 QG, a seven-floor, 10,000m² office building in Suresnes to ATLAND, one of France’s leading SPCIs. FREO originally acquired the asset in the western suburbs of Paris as a value-add investment in 2018 alongside a co-investor. Since then, it has completed an active asset management programme to reposition and increase the value of the asset, including a comprehensive refurbishment to improve the quality of the common areas and office space and the leasing of void space.
Following this, 22 QG offers high-quality space designed by architecture firm, Studio Vincent Eschalier, and a range of services attractive to tenants, including a restaurant, a cafeteria, shared meeting rooms, changing rooms, more than 1,000m² of terraces, a bike room and 232 parking spaces. It is now 97% let to a variety of tenants.
Romain Frémont, Managing Director, France at FREO Group, said: “We acquired this asset as we recognised the strong fundamentals of its location alongside the potential for significant upside following a comprehensive refurbishment. The sale of 22 QG to one of France’s leading SPCI’s, ATLAND, is a strong endorsement of this strategy and our ability to identify and execute an asset management program in order to deliver attractive returns for our capital. Further, long-term relationships built on trust are key to how we work at FREO and we are pleased that this is the second investment we have completed with this particular investor.”