Spanish infrastructure group Ferrovial is resurrecting its plan to sell its part of a property portfolio worth £1 bn around London's Heathrow and Gatwick airports, according to Spanish newspaper Cinco Dias. The news follows earlier media reports that Ferrovial had lost interest in the sale after the frontrunner in the bidding contest withdrew its offer due to the credit crisis.
Spanish infrastructure group Ferrovial is resurrecting its plan to sell its part of a property portfolio worth £1 bn around London's Heathrow and Gatwick airports, according to Spanish newspaper Cinco Dias. The news follows earlier media reports that Ferrovial had lost interest in the sale after the frontrunner in the bidding contest withdrew its offer due to the credit crisis.
Ferrovial had hoped to sell the property assets to help reduce the EUR 34 bn in debt it incurred when it purchased the British airport operator in August 2006. In November 2007, the company confirmed it had received three offers for the assets. It did not name the companies but market watchers suggested Australian property company Goodman, Britain's Segro and San Francisco-based giant AMB may have been interested in acquiring Ferrovial's 50% stake in BAA's Airport Property Partnership (APP).
Morgan Stanley is handling the sale of APP's 35 properties and 17 development sites around Heathrow and Gatwick. Morley Fund Management holds the other 50% interest in APP.
