Wednesday, 21 October 2026
Union Investment has completed a major office leasing transaction in central Paris, securing a long-term agreement with Cegid NewCo for 4,481 sqm of accommodation in a recently refurbished property. The agreement brings the building to full occupancy following an extensive modernisation programme undertaken by the German investment manager. Located between Boulevard Haussmann and the Saint-Lazare and Opéra-Auber transport connections, the property forms part of Union Investment’s UniInstitutional European Real Estate fund, which invests in commercial real estate on behalf of institutional investors.
The agreement covers the entire office building, together with a landscaped courtyard measuring approximately 240 sqm. The property also provides six parking spaces, facilities for cyclists, showers and meeting rooms. Its location in one of Paris’s established commercial districts offers access to major public transport services and surrounding business amenities, making it suitable for companies seeking centrally located accommodation with convenient connections across the French capital.
The premises are being occupied by Shine France, a financial technology business operating within the Cegid Group structure. The company moved into the building in October 2026 under the agreement signed by Cegid NewCo, which serves as the holding company for the group’s newer business activities. Shine provides digital financial and administrative services aimed primarily at freelancers, self-employed professionals and small businesses. Established in 2017, the company has developed its operations within the European financial technology sector.
Union Investment acquired the Paris property in 2021 and subsequently initiated a substantial refurbishment intended to adapt the building to contemporary workplace requirements. The programme involved improvements to the internal office accommodation and building infrastructure while retaining important elements of the property’s original architecture. The work was carried out by Bouygues Rénovation Privée as the principal contractor, with architectural services provided by ORY Architecture.
The refurbishment focused on combining the characteristics of an established Parisian building with the operational requirements of modern office occupiers. Improvements included measures addressing energy efficiency, workplace comfort and building safety. The project also sought to preserve the architectural identity of the property, reflecting an approach to redevelopment in which existing buildings are adapted for continued commercial use rather than replaced through new construction.
Tania Bontemps, President of Union Investment Real Estate France, highlighted the completion of the modernisation programme and the creation of updated office accommodation in a central Paris location. The investment manager considers the refurbishment an important part of maintaining the property’s competitiveness within a market where occupiers increasingly assess building quality, accessibility and the working environment alongside rental costs.
Yasmin Ritter, the Union Investment asset manager responsible for the project, also emphasised the importance of retaining the building’s historical features while improving its technical performance. The completed works were intended to provide a balance between the property’s existing architectural character and the environmental and functional requirements associated with contemporary office use. The approach illustrates how refurbishment can extend the commercial life of established properties while responding to changing occupier expectations.
The transaction is relevant to the wider European office market because it demonstrates the role that building modernisation can play in securing tenants for existing commercial properties. Landlords are increasingly required to consider energy performance, workplace facilities and the flexibility of internal layouts when assessing the future competitiveness of their assets. In established city-centre locations, upgrading existing buildings can provide an alternative to redevelopment while preserving their position within mature business districts.
The agreement also illustrates the continued demand from selected technology and financial services businesses for physical office accommodation in major European cities. Although digital businesses frequently operate with flexible working arrangements, centrally located offices can provide space for employees to collaborate, meet clients and support business operations. The decision by Shine France to occupy the entire refurbished property demonstrates the suitability of the building for this particular occupier, although the transaction alone does not establish a wider increase in leasing demand across Paris.
Cegid NewCo received advice from SPLIT during the leasing process, while Union Investment was represented by BNP Paribas Real Estate and the law firm August Debouzy. The companies have not disclosed the rental level, financial incentives or precise duration of the agreement. Details concerning the total refurbishment expenditure and the financial return generated by the investment have also not been released.
For Union Investment, the completion of the leasing process brings the property to full occupancy and establishes a new income-producing arrangement within its institutional real estate portfolio. The transaction highlights the potential for carefully planned refurbishment projects to attract occupiers to existing buildings in established European business locations. With Shine France now occupying the premises, the Paris property provides an example of how investment in building quality and operational performance can support the continued use of older commercial assets.
