UK airport operator BAA is currently in talks to sell about half of its offices and warehouses around London's Heathrow airport for about £600 mln (EUR 885 mln). Spanish builder Grupo Ferrovial, which paid $20 bn (EUR 15 bn) for BAA last August, confirmed a report in UK newspaper The Times about its plans. Ferrovial has hired Morgan Stanley to handle the sale of its 50% stake in BAA's Airport Property Partnership.
UK airport operator BAA is currently in talks to sell about half of its offices and warehouses around London's Heathrow airport for about £600 mln (EUR 885 mln). Spanish builder Grupo Ferrovial, which paid $20 bn (EUR 15 bn) for BAA last August, confirmed a report in UK newspaper The Times about its plans. Ferrovial has hired Morgan Stanley to handle the sale of its 50% stake in BAA's Airport Property Partnership.
Last Thursday, Grupo Ferrovial's chief financial officer Nicolas Villen told Bloomberg that UK airport operator BAA would not contribute to earnings until 2011 after a terror alert last year led to higher security costs. 'We had to significantly increase security, and we hadn't foreseen that in our acquisition plan,' he said. Ferrovial had previously estimated that the acquisition of the world's biggest airport operator BAA would add to Ferrovial's profit from 2009.