Industrial property giant Segro has completed its acquisition of BAA's 50 per cent stake in the Airports Property Partnership, boosting its exposure to the high-value property markets of Heathrow and Gatwick.
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As part of the deal, it has also sold £237m of its own assets into the joint venture it runs with Aviva, enlarging the total portfolio value to £684m. Analysts believe this is a good deal for Segro, as the properties it sold into the joint venture had short leases, and the half-share of assets it has acquired benefit from long leases (average 13.4 years). The net cash inflow into Segro itself is expected to be £60m.
