Segro pulls off £244m BAA property deal

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It paid £244 million including debt for APP, which is part-owned by Aviva Investors and has 18 warehouses in or near Heathrow, Stansted, Edinburgh and Gatwick airports.

BAA said the deal reflected its "strategy to dispose of non-core assets" around its airports.

Segro chief executive Ian Coull said: "We are delighted to buy assets which are complimentary to what we already do and have in these areas."

Segro, one of Europe's largest industrial property landlords, also said it was working on three new developments in west London after requests for space from tenants.

Coull said: "The occupational market is still challenging but we are seeing green shoots. The level and quality of inquiries has improved."