Segro, Aviva Investors Complete Refinancing Of Airport Partnership

Segro PLC (SGRO.LN), a provider of property development and investment services, and Aviva Investors, said Friday they have successfully completed refinancing of the Airport Property Partnership portfolio.

MAIN FACTS:

-The partnership has agreed to a five year refinancing package to replace maturing debt facilities with HSBC, RBS, Barclays and Lloyds which were due to expire in March 2012.

-The refinancing package of GBP400 million senior debt, with GBP320 million drawn, was provided by a banking consortium, consisting of HSBC, Barclays Corporate, Royal Bank of Scotland, BNP Paribas, Credit Agricole CIB and Santander.

-The LTV ratio of the fund is 46% and an all in fixed funding rate on drawn debt of circa 4%.

-The Airport Property Partnership portfolio or APP is a joint venture formed between Segro and Aviva Investors in June 2010 and forms part of the GBP1 billion portfolio which Segro manages at Heathrow.

-Segro is the asset manager to the fund while Aviva Investors is the fund manager.

-The joint venture includes 23 direct property assets, 4 development sites and 3 indirect investments with 81% located at London Heathrow Airport.

-Segro shares at 1200 GMT down 3 pence, or 1.1%, at 256 pence, valuing the company at GBP1.89 billion.

-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [e-mail]