British business park developer Segro has bought the 50 per cent stake it did not already own in Airport Property Partnership for £365m.
Segro snapped up the stake in its joint venture with Aviva Group and now has full ownership of the APP after buying an original stake in 2010. The APP has assets worth £1bn in London’s Heathrow including most of the airport’s cargo facilities.
APP generated £42m in rental income last year, with Segro chief executive David Sleath calling the Heathrow portfolio one of the “jewels in our crown”.
“We believe now is the right time to take full control and ownership over APP in which we see a number of opportunities to realise further value from its unique portfolio in the short and long term”, said Mr Sleath.
“We look forward to pursuing our development plans, taking advantage of strong occupier demand for facilities around Heathrow from customers needing rapid access both to the airport and to Central London.”