AEW has acquired, on behalf of one of its value-add funds, 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 acquired from an Irish investment fund.
Futura II, built in 2007, is spread over 8 floors with a total lettable area of 7,884 sqm. The 7,325 sqm of office space is currently let to a single tenant, Expleo, who will be vacating by year end. Additionally, there are two retail units on the ground floor let to a gym and cafeteria, and a basement which includes 151 car parking spaces.
The property benefits from excellent transport links by road and rail, sitting across the multimodal station of SQY, with a travel time to La Defense of 30 mins. SQY is part of the Paris-Saclay project which will be the first scientific and technological research hub in Europe. Situated 25km from Paris, the area is the second largest commercial area in western Paris with more than 1.5mn sqm of office space and vacancy rates which have been constantly decreasing to a record low of 5.4%.
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.”
Source : Company