French SPCI Atland has acquired a 7-floor, 10,000 m2 office in the Suresnes district of Paris from Freo Group on behalf of Epargne Pierre and My Share.
Financial details were not disclosed.
The asset, dubbed 22 QG, is situated in the western suburbs of the French capital. Freo originally purchased the property as a value-add investment in 2018 alongside a co-investor.
Since then, the firm 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.
Said Romain Frémont, managing director, France at Freo: '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 programme 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.'
Today, 22 QG offers high quality space designed by architecture firm, Studio Vincent Eschalier, and a range of services, including a restaurant, a cafeteria, shared meeting rooms, changing rooms, more than 1,000 m2 of terraces, a bike room and 232 parking spaces. It is now 97% let to a variety of tenants.
Freo was advised by Lasaygues & Associés - Notaires and Atland by C&C Notaires.
The transaction was carried out by Catella Property under a co-exclusive sales mandate with Cushman & Wakefield.
