US industrial property firm AMB and Australian business park developer Goodman are competing with UK real estate developers Segro and Brixton in bids to control a portfolio of warehouses and office properties around Heathrow and Gatwick airports said to be worth around £1.2 bn (EUR 1.78 bn). Canadian pension fund manager Caisse de Dépôt et Placement du Québec had been the leading bidder, and was part of the consortium led by Spanish builder Ferrovial that bought the British Airports Authority (BAA) for £16.3 bn (EUR 24.1 bn) last year. It had right of first refusal on Ferrovial’s half-share, but is said not to have exercised its option.
US industrial property firm AMB and Australian business park developer Goodman are competing with UK real estate developers Segro and Brixton in bids to control a portfolio of warehouses and office properties around Heathrow and Gatwick airports said to be worth around £1.2 bn (EUR 1.78 bn). Canadian pension fund manager Caisse de Dépôt et Placement du Québec had been the leading bidder, and was part of the consortium led by Spanish builder Ferrovial that bought the British Airports Authority (BAA) for £16.3 bn (EUR 24.1 bn) last year. It had right of first refusal on Ferrovial’s half-share, but is said not to have exercised its option.
Ferrovial put its half-share in the UK airports fund up for sale in June to help to reduce debts accumulated from its takeover last year of BAA, and has already sold a number of assets. Pension fund manager Hermes is reported to be interested in Ferrovial’s stake, but it is not known if it has made a formal bid. A key component of the portfolio is the 37,200 m2 BA cargo centre at Heathrow, estimated to be worth EUR 370 mln.
