Europe's largest listed industrial landlord, Segro PLC (SEGXF, SGRO.LN) will resume talks with airport operator BAA Ltd. to buy warehouses and offices around London's Heathrow airport, a person close to the deal said on Tuesday.

The person said the gross value of the company is GBP520 million but that Segro would only pay below GBP250 million, for the 50% share it wants.

Segro has been in talks to buy BAA's half stake in a joint venture company with Aviva Investors but talks have broken down as the vendor requested a price, which was too high for Segro.

But BAA will come back to Segro with a lower offer next week, the person added.

The deal also includes debt, 50% of the price, provided by German real estate finance provider Eurohypo AG at 80 basis points above the London Interbank Offered Rate, which is very attractive as industrial real estate debt is currently provided at around 280 basis points above Libor.

The space would give Segro a great advantage and add to its strong, core portfolio around Heathrow.

By Anita Likus, Dow Jones Newswires; +44-20-7842-9407; anita.likus@dowjones.com
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