AEW has acquired an office asset in France for one of its value-add funds.
The manager said it bought the Futura II office asset in Montigny-Le-Bretonneux within the Saint-Quentin-en-Yvelines submarket to the south-west of Paris for an undisclosed sum.
The property was acquired from an Irish investment fund.
Constructed in 2007, Futura II is spread over 8 floors with a total lettable area of 7,884sqm.
The 7,325sqm 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 manager said.
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 benefiting from strong demand and a lack of available space.”