12th Jun 2015 06:26
SLOUGH (Alliance News) - Real estate investment trust Segro PLC Friday announced that it has exchanged contracts with M&G Real Estate to dissolve The Heathrow Big Box Industrial and Distribution Fund or HBB ahead of its termination date in June 2016.
HBB was formed as a 50/50 joint venture between Brixton PLC and M&G Real Estate in 2004 to own two assets in the vicinity of Heathrow Airport: Axis Park and Heathrow Corporate Park. SEGRO acquired the interest as part of its takeover of Brixton PLC in 2009.
As per terms of the agreement, SEGRO said it will take full ownership of Axis Park which is valued at GBP144.9 million, while M&G Real Estate will take full ownership of Heathrow Corporate Park at a value of GBP118.7 million.
In addition, SEGRO will sell HCH House in Poyle to M&G Real Estate for GBP15.0 million. All three assets will be sold at prices in line with December 2014 book values. The transaction is expected to complete before the end of June 2015.
Copyright RTT News/dpa-AFX
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