Brixton sells stakes in two Heathrow estates to Prudential for

Brixton plc said it has sold 50% of its interest in two major Heathrow estates for £108.92m to Prudential Life Assurance Ltd.

In a statement, the company said the properties will be held in a limited partnership - the Heathrow Big Box Industrial and Distribution Fund - with Brixton and Prudential equal shareholders.

The vehicle will have a 10 year life and has been geared with a 121 mln stg 5 year, secured, non-recourse facility from The Royal Bank of Scotland.

The two holdings are Axis Park, Langley covering 675,000 sq ft and Heathrow Corporate Park with 548,000 sq ft.

The total current income is about 13.5 mln stg per annum.
Source: Freeman / AFX

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