Union Investment has signed a long-term lease with holding company Cegid NewCo. The business is taking over the entire space of an office building in central Paris. The property complex is situated in a prime commercial location between Boulevard Haussmann and the high-footfall transport hubs of Saint-Lazare and Opéra-Auber.
The property forms part of the portfolio of UniInstitutional European Real Estate, an open-ended real estate fund for institutional investors managed by Union Investment. The fund company acquired the asset in 2021 and subsequently initiated an extensive refurbishment programme.
Revitalisation of historic building fabric to modern standards
The structural refurbishment works were carried out under the leadership of Bouygues Rénovation Privée as general contractor and the architectural firm ORY Architecture. According to Tania Bontemps, President of Union Investment Real Estate France, modern working environments have been created at the central location. The architectural concept aimed to preserve the cultural value of the existing building while aligning it with contemporary requirements.
Yasmin Ritter, the responsible asset manager at Union Investment, emphasised that preserving the distinctive features of the building, alongside improvements to energy efficiency, safety, and comfort, shaped the project. The overall scheme brings together historic fabric with ambitious ecological and functional standards.
- —4,481 sq m of office space refurbished to modern standards
- —A 240 sq m landscaped inner courtyard
- —Modern meeting rooms and on-site shower facilities
- —Bicycle storage facilities and six car parking spaces
Occupation by fintech subsidiary and advisers involved
Tenant Cegid NewCo operates as a holding company for new activities of the Cegid Group, which specialises in cloud-based software solutions. Subsidiary Shine France has been occupying the premises since October of this year. Founded in 2017, the French neobank provides financial and administrative management solutions for freelancers, the self-employed, and smaller businesses, and is considered an established player in the European fintech sector.
Advisory firm SPLIT acted on behalf of the tenant during the letting transaction. Union Investment was represented by BNP Paribas Real Estate as letting agent, while the owner received legal advice from the law firm August Debouzy.
