CNP Assurances has bought a Paris office building which will become the new French headquarters for software firm Adobe.
EQT Real Estate I fund, a Metropolitan Real Estate managed fund and STAM Europe, as part of a joint venture, have sold the Code office building to the French insurance group for an undisclosed sum.
The joint venture acquired the asset in 2016.
The office asset situated on Rue Lauriston in central Paris is currently undergoing a full refurbishment and expected to complete in spring this year.
The asset will serve as the headquarters for Adobe, who agreed a pre-let agreement for the asset earlier this month.
Olivier Astruc, a managing director at EQT Partners and advisor to the fund, said: “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.”
Edward Bates, a managing director at STAM Europe, said: “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 realised.
“STAM Europe continues to focus its energy and resources on opportunities with a “manufacturing to core” approach in order to produce high quality, sustainable and innovative space for the French office market.”
