Segro buys remaining stake in Airport Property Partnership JV for 365 million pounds

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By: Arathy S Nair

BENGALURU: Britain’s largest listed industrial property developer Segro plc, said it bought the remaining 50 percent stake in the Airport Property Partnership (APP) joint venture from the Aviva Group Entities for 365 million pounds.

Segro, which acquired the original stake in 2010, said the deal was funded by 216 million pounds in cash and the disposal of assets, worth 149 million pounds, to Aviva Group.

Segro also said on Friday that it launched a 1 for 5 rights issue, which will raise 573 million pounds in proceeds, to partly fund the cash part of the deal.

APP contains 21 direct property assets, valued at 1.10 billion pounds, including majority of London’s Heathrow Airport’s airside cargo facilities. The portfolio also includes one development project underway, which is expected to complete in 2017. (Editing by Sunil Nair)

Source: Reuters