APP Refinancing

9 September 2011

AVIVA INVESTORS & SEGRO ANNOUNCE AIRPORT PROPERTY PARTNERSHIP REFINANCING

London: Aviva Investors and SEGRO are pleased to announce the successful
refinancing of the Airport Property Partnership (APP) portfolio.

The partnership has agreed to a five year refinancing package to replace
maturing debt facilities with HSBC, RBS, Barclays and Lloyds which were due to
expire in March 2012. The refinancing package of £400 million senior debt, with
£320m drawn, was provided by a banking consortium, consisting of HSBC, Barclays
Corporate, Royal Bank of Scotland, BNP Paribas, Credit Agricole CIB and
Santander. The LTV ratio of the fund is 46% and an all in fixed funding rate on
drawn debt of circa 4%.

Karen Fox, Fund Manager at Aviva Investors commented, "The replacement of the
maturing debt facilities reflects not only the quality and strength of the
underlying assets but also illustrates the commitment of the consortium to the
current and future success of the Airport Property Partnership."

Alan Holland, SEGRO Joint Ventures Director said, "We are delighted to have
secured five year funding with a strong group of banks. We now have a secure
funding platform in place and working with our partners Aviva Investors, we
will seek to drive even greater value from the joint venture. In particular, we
will continue to exploit opportunities from the attractive Heathrow market."

The APP is a joint venture formed between SEGRO and Aviva Investors in June
2010 and forms part of the £1 billion portfolio which SEGRO manages at
Heathrow. SEGRO is the asset manager to the fund while Aviva Investors is the
fund manager. The joint venture includes 23 direct property assets, 4
development sites and 3 indirect investments with 81% located at London
Heathrow Airport.

  Ends 
   
For more information contact:

Laura Cocker, Media Relations Manager, Aviva Investors

[phone]

Alex Shorland-Ball, Head of Investor Relations, SEGRO

[phone]

Andrew Pilsworth, Group Treasurer, SEGRO

[phone]

Notes to Editors

The Fund is distributed by Aviva Investors Global Services Limited of No.1
Poultry London EC2R 8EJ. This press release is not available for general
distribution in, from or into the United Kingdom because the Fund is an
unregulated collective investment scheme whose promotion is restricted by
sections 238 and 240 of the Financial Services and Markets Act 2000. When
distributed in, from or into the United Kingdom, this press release is only
intended for persons having professional experience of investing in unregulated
schemes, high net worth companies, partnerships, associations or trusts and
personnel of any of the foregoing having professional experience of investing
in unregulated schemes (each within the Financial Services and Markets Act 2000
(Promotion of Collective Investment Schemes) (Exemptions) Order 2001), persons
outside the European Economic Area receiving it electronically, persons outside
the United Kingdom receiving it non-electronically and any other persons to
whom it may be communicated lawfully. No other person should act or rely on it.
Other persons distributing this document in, from or into the United Kingdom
must satisfy themselves that it is lawful to do so.

Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The
business delivers investment management solutions, services and client-driven
performance to clients worldwide. Aviva Investors operates in 16 countries in
Asia Pacific, Europe, North America and the United Kingdom with assets under
management of £269 billion at 30 June 2011.

Aviva plc

  * Aviva is a leading provider of life and pension products in Europe
    (including the UK) with substantial positions in other markets around the
    world, making it the world's sixth largest insurance group based on gross
    worldwide premiums at 31 December 2010.
   
  * Aviva's principal business activities are long-term savings, fund
    management and general insurance, with worldwide total sales* of £47.1
    billion and funds under management of £402 billion at 31 December 2010.
   
*Based on 2010 published life and pensions PVNBP on an MCEV basis, total
investment sales and general insurance and health net written premiums,
including share of associates' premiums.

Aviva Investors Global Services    Aviva Investors Global Services Limited,    
Limited                            registered in England No. 1151805.          
                                   Registered Office: No. 1 Poultry, London    
No. 1 Poultry, London EC2R 8EJ     EC2R 8EJ. Authorised and regulated in the UK
                                   by the Financial Services Authority and a   
Phone [phone]          member of the Investment Management         
                                   Association.                                
Fax [phone]                                                        
                                   Contact us at Aviva Investors Global        
Web www.avivainvestors.com         Services Limited, No. 1 Poultry, London EC2R
                                   8EJ. (11/08061)                             
Email [e-mail]                                                  

Telephone calls may be recorded for training and monitoring purposes.

About SEGRO

SEGRO is Europe's leading provider of flexible business space. The Group is a
Real Estate Investment Trust (REIT), listed on the London Stock Exchange.
SEGRO's portfolio comprises £5.4 billion of predominantly industrial and
warehouse assets concentrated in and around major business centres and
transportation hubs such as ports, airports and motorway intersections. The
Group serves over 1,600 customers spread across many geographies and different
industry sectors. It has 5.5 million sq m of built space and a passing rent
roll of £340 million (as at 30 June 2011).