CNP Assurances, the French insurance group advised by investment manager AEW, has purchased the Code office in Paris from a joint venture between alternative investments firm EQT Real Estate, Carlyle's Metropolitan Real Estate and French-focused Stam Europe.
Financial details were not disclosed, but local sources reported a price in excess of €100 mln.
The office asset, situated on Rue Lauriston in central Paris, is currently undergoing a full refurbishment, which is due for completion in spring 2019. Afterwards, it will serve as the new French HQ for software giant Adobe, who agreed a pre-let agreement for the asset earlier this month. The remaining refurbishment works will be executed by AEW.
'The redevelopment and repositioning of Code reflects EQT Real Estate’s core strategy to identify investment opportunities in European gateway cities, and produce groundbreaking and unique real estate assets, whilst creating sustainable value for investors,' said Olivier Astruc, managing director at EQT Partners and advisor to the fund.
Having acquired the asset in 2016, EQT Real Estate, Metropolitan and STAM Europe undertook a full-scale redevelopment programme, transforming an unused and derelict space into a Grade A office building. The property now includes 5,800 m2 of mixed-use space, including an 800 m2 co-working area and a landscaped roof top overlooking central Paris. Code is in line for a potential enterprise resource planning (ERP) classification.
'We are delighted that CNP Assurances is the new owner of Code and that the tremendous creation of value for our investors and partners has been realized,' said Edward Bates, managing director at STAM Europe.
CBRE advised on the transaction. The investors were represented by Ashurst as legal representative and Flusin as notary. The vendor was represented by Clifford Chance as legal representative and Monassier as notary.