Prologis close to buying BAA property

Prologis is said to be close to buying the remaining assets of BAA and Morley’s Airport Property Partnership for around £700m, a sale which has been proceeding for more than a year.

According to Property Week, the acceleration of the sale follows the decision to split the portfolio and sell the non-industrial assets to hotelier Surinder Arora for £265m. That sale completed a fortnight ago.

ProLogis has been trying to buy the portfolio in partnership with Brixton, however, this has since broken down and, with Brixton going cool on buying large portfolios given the difficult market.Click here to find out more!

The portfolio contains investment properties, such as the 400,000 sq ft Cargo Centre, as well as sheds that need asset management work.

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