SEGRO £365 million acquisition of Airport Property Partnership

14/3/2017
Public acquisition, Secondary offering of shares

£ 365 million

$ 450.653 million

Completed

14/3/2017


Overview:

  • SEGRO has acquired the 50% of the Airport Property Partnership (APP) joint venture that it did not already own for £365 million from Aviva Investors.
  • The price was made up of £216 million in cash and £149 million in assets.
  • APP holds 21 assets with 350,000 square metres of space, valued at £1.097 billion, located at Heathrow Airport.
  • The assets acquired by Aviva as part of the deal include four London industrial assets and a manufacturing facility in Portsmouth.
  • To fund the acquisition SEGRO has undertaken a £573 million rights issue.
  • Bank of America Merrill Lynch and UBS acted as joint sponsors, joint global coordinators and joint bookrunners and HSBC, Barclays Bank and BNP Paribas acted as co-bookrunners.
  • The proceeds will be used in part to finance the acquisition and in part to fund future developments.

Sam Duke - Editor

 

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