Union Investment has signed a long-term lease with Cegid NewCo. The company has secured the entire space in an office building at one of Europe’s prime business addresses in central Paris: 4,481 m² of office space, as well as a 240 m² landscaped courtyard, six parking spaces, a bicycle storage room, showers and meeting rooms. The property is situated between Boulevard Haussmann and the Saint-Lazare and Opéra-Auber transport hubs and forms part of the portfolio of UniInstitutional European Real Estate, an open-ended property fund for institutional investors managed by Union Investment.
Cegid NewCo acts as a holding company for the new business activities of the Cegid Group, a provider of cloud-based software solutions. Since October this year, the premises have been occupied by the subsidiary Shine France, a French neobank that primarily serves freelancers, the self-employed and small businesses with simplified solutions for financial and administrative management. Founded in 2017, the company is a recognised player in the European fintech ecosystem.
Union Investment acquired the office building in 2021 and carried out extensive modernisation work. “The refurbishment work, carried out by Bouygues Rénovation Privée as the main contractor and ORY Architecture, has created modern office spaces at this central Paris location,” says Tania Bontemps, President of Union Investment Real Estate France.
“The preservation of the unique features and cultural value of this historic building, on the one hand, and the improvements made during the refurbishment in terms of energy efficiency, safety and comfort, on the other, define the character of this project. The overall concept combines the building’s historic value with modern environmental and functional standards,” said Yasmin Ritter, the asset manager responsible for the project at Union Investment.
Cegid NewCo was advised on the letting of SPLIT, whilst Union Investment was advised by BNP Paribas Real Estate. Union Investment received legal support from the law firm August Debouzy.
