BAA has sold its 50% stake in 18 industrial properties around Heathrow, Stansted, Edinburgh and Gatwick and three indirect investments which make up The Airport Property Partnership (APP) to property giant SEGRO in a deal worth an estimated €283.5 million.

SEGRO will become the asset manager of the APP portfolio, which consists of industrial units covering an area of 3.5 million square feet, while Aviva investors will retain its role as fund manager.

By value, 73% of the assets are located near Heathrow and the sale is subject to ECMR clearance.

Ian Coull, Segro's chief executive, said: "The APP portfolio comprises high quality assets, reinforces Segro's position at Heathrow, one of our core locations in the UK and offers significant upside potential."

By Oliver Clark.