March 10 Britain's largest listed industrial
property developer, Segro plc, said it bought the
remaining 50 percent stake in the Airport Property Partnership
(APP) joint venture from the Aviva Group Entities for 365
Segro, which acquired the original stake in 2010, said the
deal was funded by 216 million pounds in cash and the disposal
of assets, worth 149 million pounds, to Aviva Group.
Segro also said on Friday that it launched a 1 for 5 rights
issue, which will raise 573 million pounds in proceeds, to
partly fund the cash part of the deal.
APP contains 21 direct property assets, valued at 1.10
billion pounds, including majority of London's Heathrow
Airport's airside cargo facilities. The portfolio also includes
one development project underway, which is expected to complete
(Reporting by Arathy S Nair in Bengaluru; Editing by Sunil