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Deals
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DEALS - OPERACIONES
International law firm SJ Berwin’s real estate department has advised business space giant, SEGRO on the exchange of conditional contracts to buy BAA’s 50% interest in the Airport Property Partnership (“APP”) for £111.3 million. APP is a 50/50 joint venture with Aviva Investors, focused on airport-related industrial assets in and around major UK airports. The APP portfolio includes 17 direct property assets comprising an area of 3.5 million sq ft, and three indirect investments. SEGRO will become the asset manager of the APP portfolio whilst Aviva Investors will retain its role as fund manager. The two companies are also in discussion to expand the joint venture significantly through future acquisition of approximately £240 million of complementary assets within SEGRO’s existing portfolio. (Details to be disclosed later.) This is the first major deal SJ Berwin has acted upon for SEGRO since being appointed to its panel at the beginning of the year. SEGRO is Europe’s leading provider of flexible business space, operating from a network of offices across 10 countries and is a REIT listed on the LSE and Euronext Paris. It has a portfolio of £5.3 billion of predominantly industrial and warehouse assets and serves 1,900 customers. The SJ Berwin team was led by real estate partners Jo Footitt and Lewis Myers and corporate partner Michael Goldberg. Andrew Carter and Julian Pollock of Herbert Smith advised BAA. Head of Department, Jon Vivian said, “SEGRO’s appointment of us to its panel in January was a real coup for the department. A deal of this size so soon, with plans to expand further, illustrates the current growth of activity in the real estate markets, and bodes well for our real estate practice.”
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