Villiers (Office | France)

The business plan foresees the transformation of this vacant and obsolete building in Levallois, France with enhanced connectivity (WIREDSCORE Gold label) and an improved environmental footprint (BREEAM Very Good label).

Permit: obtained in January 2020, increasing the size of the building by around 10% to 2,774 m2 net floor area.

Construction work: begun in the first quarter of 2020. Asset delivered in May 2021

Construction costs: works contract signed in 2019, construction costs in line with initial budget. Additional work required to increase the total surface area of the building to meet tenant requirements.

Leasing: a 9-year lease agreement signed in May 2020 with a leading international digital services company on 100% of the net floor area. Net operating income increased from €1.28m to €1.35m (+5%).

Exit: asset sold to a French institutional real estate investor.