AEW acquires office asset near Paris

AEW has acquired Futura II, a 7,884-square-meter (84,862-square-foot) office asset in Montigny-Le-Bretonneux, France, from an Irish investment fund.

The sale was made on behalf of one of AEW’s value-add funds for an undisclosed sale amount.

Built in 2007, the building is spread over 8 floors. The sole tenant, Expleo, lets 7,325 square meters (78,845 square feet) of office space and will be vacating by the end of 2019.

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 is located across the multimodal station of SQY, part of the Paris-Saclay project which will be the first scientific and technological research hub in Europe. It is situated 25 kilometers (15.5 miles) from Paris and is within a 30-minute travel time to major business district La Défense.

The acquisition is strongly aligned with the firm’s value-add strategy, according to Alexander Strassbu