SEGRO acquires 50% interest in Airport Property Partnership from Aviva Investors

SEGRO acquired (10-Mar-2017) the remaining 50% interest in the Airport Property Partnership (AAP) JV from Aviva Investors, for GBP365 million. The consideration comprises GBP216 million of cash and the disposal to Aviva Investors of GBP149 million of assets. APP contains 21 direct property assets, valued at GBP1.1 billion and totalling 350,000sqm, 87% of which (by value) are located at London Heathrow Airport. SEGRO stated the transaction includes the majority of Heathrow's airside cargo facilities, which will enable redevelopment of the Heathrow Cargo Centre in the future. [more - original PR]