Began in a squat, defaced after lease's opening (8)

I believe the answer is:

launched

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'began' is the definition.
(launching is a kind of beginning)

I don't understand the remainder of the clue.

(Other definitions for launched that I've seen before include "Sent on course as uncle had" , "Put a vessel in the water" , "Initiated" , "Set a ship in motion" , "Sent a newly-built boat into the water" .)

I've seen this clue in the Sydney Morning Herald.

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