Ferrovial To Sell Properties To Raise Finances

The BAA (British Airports Authority) has managed to raise £132.5 million by selling 33 properties that it owns along with Morley Fund Management.

When the properties were sold a total of £265 million was raised and this money will be split amongst BAA and Morley with BAA obtaining a £132.5 million share.

Ferrovial is currently in the process of selling non-core assets it has in order to pay off debts that were incurred when BAA was purchased in 2006 for £10 billion. Despite the sale BAA is still being pressurised to sell at least one of its UK airports to both raise money and because of unhappiness from several quarters about the way it is managing the business.

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Published by: Jon Vickery