Segro PLC (SGRO.LN), Europe's largest listed industrial landlord, will resume talks with airport operator BAA Ltd. to buy warehouses and offices around London's Heathrow airport, a person close to the deal said Tuesday.

Segro had been in talks to buy BAA's half stake in Airport Property Partnership, a joint venture with fund manager Aviva Investors, but talks broke down over price.

The person said the gross value of APP is GBP520 million, but that Segro would pay below GBP250 million for a 50% share.

However, a spokesman for BAA, Spain's Grupo Ferrovial SA (FER-MC), said the talks won't be exclusive. "BAA is in discussions with parties other than Segro with a view to concluding the sale of APP," said Malcolm Robertson, BAA's deputy director of communications.

The addition of APP's space would give Segro a great advantage and add to its strong, core portfolio around Heathrow.

By Anita Likus, Dow Jones Newswires; +44-20-7842-9407; anita.likus@dowjones.com
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