Segro Buys BAA's 50% Interest In APP For GBP111.3M
27 Aprile 2010 - 9:05AM
Dow Jones News
Segro PLC (SGRO.LN), a provider of flexible business space, said
Tuesday it has exchanged conditional contracts for the acquisition
of BAA Ltd.'s 50% interest in the Airport Property Partnership, or
APP, for GBP111.3 million cash.
MAIN FACTS:
-Segro will assume BAA's share of APP's debt and other
liabilities of approximately GBP128 million.
-APP is a 50/50 joint venture with Aviva Investors, focused on
airport-related industrial assets in and around major U.K.
airports.
-BAA is owned by Grupo Ferrovial S.A. (FER.MC)
-APP portfolio includes 17 direct property assets and three
indirect investments.
-The direct assets comprise an area of 3.5 million square feet
with a vacancy rate of 6.8% by ERV and an average unexpired lease
length of 13.4 years.
-By value, 73% of the assets are located in the Heathrow
market.
-The acquisition price implies a property valuation of GBP446.6
million on a 100% ownership basis and a net equivalent yield of
7.6%.
-Segro will become the asset manager of the APP portfolio whilst
Aviva Investors will retain its role as fund manager.
-In addition, Segro and Aviva Investors are in discussions to
expand the joint venture significantly through the proposed
purchase by APP of approximately GBP240 million of complementary
assets within Segro's existing portfolio.
-In aggregate the two transactions are expected to generate net
cash proceeds of approximately GBP60 million for Segro.
-Shares closed Tuesday at 318.9 pence.
-By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268;
tommy.stubbington@dowjones.com
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