Segro To Complete Buy Of 50% Airport Property Partnership Stake
22 June 2010 - 4:46PM
Dow Jones News
Segro PLC (SGRO.LN), a provider of flexible business space, said
Tuesday it will complete the acquisition of BAA's 50% interest in
the Airport Property Partnership, the joint venture with Aviva
Investors, later Tuesday.
MAIN FACTS:
-Segro also announces it has agreed with APP and Aviva Investors
to sell assets from its existing portfolio into APP for a cash
consideration of GBP237 million.
-The assets being sold to APP include North Feltham Trading
Estate, Poyle 14 at Heathrow and the Gatwick International
Distribution Centre at Crawley.
-These assets will enlarge the APP portfolio from GBP447 million
to GBP684 million.
-The price of the assets being sold to APP represents a net
initial yield of 5.1% and a net equivalent yield of 7.2%: the
weighted average remaining lease length is approximately 3.8 years
(to break or expiry) and the vacancy rate on the assets being sold
is 16.5%.
-APP will fund the acquisition through drawing on its committed
debt facilities and by approximately GBP70 million of new equity
from each partner.
-The transaction is expected to complete before the end of
June.
-Shares closed Monday at 270.7 pence.
-By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268;
tommy.stubbington@dowjones.com
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