LONDON (ShareCast) - Segro has agreed to dissolve the Heathrow Big Box Industrial and Distribution Fund, the 50/50 joint venture created by its subsidiary Brixton plc in partnership with M&G Real Estate, ahead of its termination date in June 2016.
Under the agreement, Segro will take full ownership of Axis Park, which is valued at £144.9m, while M&G Real Estate will take full ownership of Heathrow Corporate Park.

Segro will also sell its HCH House asset to M&G for £15m.

The company's chief investment officer, Phil Redding, said: "Axis Park is in a prime position both for serving Heathrow Airport and for distribution to London and South-East England and this transaction allows us to increase our wholly-owned exposure to the attractive Heathrow market.

"We know the Park well and, with occupier demand for urban distribution space improving and supply conditions remaining tight, there are opportunities to realise further value from this asset."

Segro acquired the interest as part of its takeover of Brixton PLC in 2009.

The share price declined 0.63% to 428.90p by 08:37.

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