Segro has bought BBA's 50 per cent stake in the Airport Property Partnership, it has been announced.
A major commercial
property investment company has announced it has acquired 3.5m sq ft of airport space in a £111 million cash deal.
Property development firm Segro, which describes itself as "Europe's leading provider of flexible business space", has bought BBA's 50 per cent interest in the Airport Property Partnership (APP).
The APP, which is a joint venture with Aviva Investors, includes 17 property assets and three direct investments, Segro claims.
The bulk of the £446 million value in the APP is held in Heathrow Airport, where 73 per cent of the assets are held, the firm adds.
Commenting on the purchase, the company's chief executive Ian Coull said: "The APP portfolio comprises high quality assets, reinforces Segro's position at Heathrow, one of our core locations in the UK and offers significant upside potential."
Despite transactions such as this returning, some experts are predicting that activity in the London commercial property market will cool this year, according to an article on moneymarketing.co.uk earlier this week.
Posted by Hadji Singh.
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