2nd UPDATE: Segro Buys BAA's Stake In Airports Venture
27 4월 2010 - 6:41PM
Dow Jones News
Europe's largest listed industrial landlord Segro PLC (SGRO.LN)
Tuesday said it bought a 50% stake in Airport Property
Partnerships, or APP, from airport operator BAA Ltd. as part of its
strategy to acquire assets in and around major U.K. airports, and
confirmed that it will start building speculatively this year.
Segro paid GBP111.3 million for 17 warehouses and offices and
three indirect investments. APP's properties largely are
concentrated around London's Heathrow Airport and tenants include
UAL Corp.'s (UAUA) United Airlines, FedEx Corp. (FDX) and Deutsche
Post AG's (DPW.XE) logistics unit, DHL.
The price implies a property valuation of GBP446.6 million on
100% ownership, excluding indirect investments, and represents a
net equivalent yield of 7.6%.
Segro will also take on BAA's share of APP's debt and other
liabilities of about GBP128 million. BAA is a unit of Spain's Grupo
Ferrovial SA (FER.MC). The remaining 50% stake in APP is owned by
clients of Aviva Fund Management Ltd.
Segro's talks with BAA to buy its part of the joint venture
broke down over price in early March although a person close to the
situation told Dow Jones Newswires mid-March that talks would
resume shortly.
Analysts welcomed the deal, which is expected to complete in
June.
"The deal pricing looks reasonable," said Evolution Securities
analyst Paul Pulze. "The portfolio increases the exposure to the
Heathrow market, which we see as being one of the strongest U.K.
industrial markets whilst providing the opportunity for Segro to
leverage its capital."
At 0907 GMT, Segro shares traded up 3 pence, or 1%, at 322 pence
while the FTSE 100 index traded down 0.4%.
Segro, a real-estate investment trust, has been buying assets in
or close to the U.K.'s major airports and last year completed the
acquisition of troubled rival Brixton for GBP109.4 million. The buy
boosted its portfolio to over GBP5 billion and brought in some 19
million square feet of U.K. industrial warehouse property, mainly
located around the attractive areas of Heathrow Airport and Park
Royal, where land supply is constrained.
But the acquisition also boosted Segro's vacancy rates, which is
an area Chief Executive Ian Coull said he continues to address. The
company has reduced the vacancy rate in the former Brixton
properties to 20.7% at the end of the first quarter from 22.1% in
December while the overall U.K. vacancy rate improved to 14.6% from
14.8% over the same period.
Segro also is in talks with Aviva Investors to expand the joint
venture through the purchase by APP of GBP240 million of
complementary assets within Segro's existing portfolio. The two
transactions are expected to generate net cash proceeds of
approximately GBP60 million for Segro.
This "meets one of the group's strategic objectives to leverage
its property management skills across a broader asset base," said
CEO Coull.
Separately, Segro issued a trading update in which it said it
has made encouraging progress despite the challenging conditions in
the occupier market across the U.K. and continental Europe.
It confirmed it will start speculative development in response
to specific occupier demand and limited supply, with a carefully
selected number of pre-let developments.
Coull told Dow Jones Newswires in March that this year he
planned to spend between GBP100 million and GBP200 million on
speculative development in Germany, France and Poland despite
continued tough trading conditions.
He expects to begin speculative development of a number of small
light-industrial projects in Paris, Duesseldorf, Warsaw and Berlin,
but he cautioned those plans could be derailed by weak
economies.
-By Anita Likus, Dow Jones Newswires; +44 20 7842 9407;
anita.likus@dowjones.com
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