By Olga Cotaga

LONDON--Segro PLC (SGRO.LN) said Friday it is buying the remaining 50% of the Airport Property Partnership joint venture from Aviva group entities for 365 million pounds ($439.8 million) in cash and assets.

The joint venture owns 21 direct property assets, valued at GBP1.1 billion. The majority of these properties are located at London's Heathrow airport.

The property investment and development company will pay for the acquisition GBP216 million in cash raised through a share rights issue and the rest it will cover in assets which it will sell to Aviva.

Via a rights issue of 166 million shares, priced at 345 pence each, Segro will raise GBP573 million, it said. The price is at a 30% discount to Thursday's closing price of 490.60 pence.

The company said that GBP165 million from the share issue it will invest in further development and GBP175 million it will invest in land.

-Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

March 10, 2017 02:32 ET (07:32 GMT)

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