UPDATE: Segro Will Resume Talks With BAA - Source
17 Mars 2010 - 1:37PM
Dow Jones News
Segro PLC (SGRO.LN), Europe's largest listed industrial
landlord, will resume talks with airport operator BAA Ltd. to buy
warehouses and offices around London's Heathrow airport, a person
close to the deal said Tuesday.
Segro had been in talks to buy BAA's half stake in Airport
Property Partnership, a joint venture with fund manager Aviva
Investors, but talks broke down over price.
The person said the gross value of APP is GBP520 million, but
that Segro would pay below GBP250 million for a 50% share.
However, a spokesman for BAA, Spain's Grupo Ferrovial SA
(FER-MC), said the talks won't be exclusive. "BAA is in discussions
with parties other than Segro with a view to concluding the sale of
APP," said Malcolm Robertson, BAA's deputy director of
communications.
The addition of APP's space would give Segro a great advantage
and add to its strong, core portfolio around Heathrow.
By Anita Likus, Dow Jones Newswires; +44-20-7842-9407;
anita.likus@dowjones.com
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