BAA Sells Stake In APP To SEGRO For GBP244 Million
27 April 2010 - 9:05AM
Dow Jones News
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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