U.S. News

Ferrovial's BAA Puts Heathrow Assets Up for Sale at $1.18 Billion: Report


BAA, the U.K. airports operator, is in talks to sell a half-share in a group of warehouses and offices around Heathrow airport for about £600 million, the Times newspaper reported.

Grupo Ferrovial, the Spanish construction group that took over BAA, has hired Morgan Stanley to handle the sale of its half-share in BAA's Airport Property Partnership. Talks are being held with several bidders, the newspaper said, quoting sources.

The deal is likely to include a sale of BAA Lynton, the company's property development unit. The partnership fund and BAA Lynton are thought to be worth more than £1 billion, it said.