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Hines Lands Anchor Tenant, Buyer for Meudon Campus

MEUDON, FRANCE-Axalto, a provider of microprocessor cards, leases three of six buildings that comprise the 484,000-sf development here that is under construction. The developer, a joint venture of Hines European Development Fund and AXA Corporate Solutions, says it also has a buyer for the campus.

By Brian K. Miller | Updated on October 03, 2005

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.

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