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MEUDON, FRANCE- Axalto, a provider of microprocessor cards, has signed a 12-year lease for three buildings within Meudon Campus, a six-building 484,000-sf office and retail development here that is under construction on the former site of the Renault automobile factory. Additionally, Hines European Development Fund, which is developing the campus in a joint venture with a subsidiary fund of AXA Real Estate Investment Management Group, says it is selling its interest in the project to the Vendôme Croidor investment company, which also is a subsidiary of AXA.The town of Meudon is a southwest suburb of Paris. The Meudon Campus is located on the Seine River, opposite Ile Seguin.

The three buildings that Axalto will occupy comprise the entire first phase of the Meudon Campus, which will be completed this year. The other two office buildings, and a retail structure, which together contain 248,000 sf, are still available for lease and are scheduled for completion at the end of 2006. The asking lease rate is $49.81 per sf per year, according to sources in Paris.

The sale of Hines’ interest in the campus to Vendôme Croidor is scheduled to close this month. Hines will continue on as the development manager, a company source tells GlobeSt.com.

Hines European Development Fund was launched in 2002 with euro 450 million of equity. The fund invests in class A commercial and residential real estate projects in large European capital cities.

AXA Real Estate Investment Management Group is wholly owned by AXA Investment Management, which is part of the AXA Group conglomerate. AXA REIM manages assets totaling euro 26 billion.

CB Richard Ellis Bourdais represented AXA and Hines in the lease negotiation.

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