MADRID (Thomson Financial) - Grupo Ferrovial SA's BAA unit said Airport
Property Partnership (APP), jointly held by BAA and Morley Fund Management, has
agreed to sell a portfolio of 33 assets to The Arora Family Trust for 265 mln
stg.
In a statement, BAA said the portfolio accounts for approximately one
quarter of APP's total portfolio by value.
The transaction includes the forward sale of two properties under
development, which BAA and Morley will fund to completion.
Part of the proceeds from the sale will be used to repay APP's debt and the
rest, after costs, will go to BAA and Morley.
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