BAA Limited said Tuesday that its stake in the Airport Property Partnership or APP, a 50:50 joint venture between BAA Limited and clients of Aviva Fund Management Limited, is being sold to SEGRO PLC (SGRO.LN), for GBP244 million.

MAIN FACTS:

-SEGRO will assume BAA's share of APP's debt and other liabilities of GBP128 million with the result that BAA's net proceeds from the transaction will be GBP116 million.

-Total consideration includes GBP3.7 million in asset management fees and partnership distributions from January 1 to completion.

-The transaction is part of BAA's strategy to dispose of non-core assets, and follows APP's sale of 33 assets to the Arora Family Trust for GBP309 million in 2008.

-The joint venture owns 18 industrial warehouses in or near Heathrow, Stansted, Edinburgh and Gatwick airports.

-The sale is subject to ECMR clearance and is expected to close by mid June.

-By Razak Musah Baba, Dow Jones Newswires; +44-20-7842-9275; razak.baba@dowjones.com
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