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AXA Real Estate Investment Managers (AXA REIM) has agreed to buy a 45,000 m² portfolio of office developments in France from real estate developer Codic for some EUR 150 mln.

The portfolio includes the Synergies office project located in Saint-Quentin en Yvelines, near Paris. The development, designed by architect Hubert Godet, will provide some 14,600 m² of lettable area as well as 270 parking spaces. Delivery of the project, which is completely pre-let to oil company Saipem, is scheduled for March 2009.

In Toulouse-Blagnac, AXA has bought a 14,000 m² development located in the city's new development district. The Osmose project, comprising 410 parking spaces, is scheduled for delivery in mid-2009.

In Lille, AXA is buying the Onix project, which is being built by a joint venture of Codic and Vinci Immobilier in the city's new development district. The project will consist of some 16,000 m² of space and 321 parking spaces. Designed by architect Dominique Perrault, the project is scheduled for delivery in mid-2009.

AXA REIM is controlled 100% by AXA IM and is a France-based fund manager with more that EUR 42 bn of assets across Europe. In 2006, the group expanded to Asia with the opening of an office in Tokyo, and with the strengthening of its presence in Singapore. In the beginning of 2007, the fund manager also opened an office in Stockholm.

Codic France, a unit of the Codic group, is a real estate developer active in Belgium, France, Spain, Luxembourg, Hungary and Romania. To date, the builder has already delivered some 200,000 m² of space, while another 240,000 m² still in the pipeline.