02/04/2008

Ferrovial In Discussions To Sell Best Airport

Ferrovial is in talks with JP Morgan Asset Management to sell George Best Belfast City Airport.

The negotiations are part of the Spanish group's efforts to reduce its debt load of over €30 billion.

Belfast City Airport said that "Belfast City Airport is not currently on the market" and neither Ferrovial nor JPMorgan would comment on the prospective sale. However, a source close to the discussions confirmed they were happening.

Ferrovial bought the airport from the Canadian aircraft manufacturers Bombardier in 2003 for £35m and it is likely to that Ferrovial will seek up to £100m for the sale.

Ferrovial owns the troubled British Airports Authority (BAA), which operates the Gatwick, Stansted, Edinburgh, Glasgow, Aberdeen, Southampton and Heathrow airports.

JPMorgan Asset Management formed an infrastructural investment group two years ago and has since, steadily built up its portfolio of infrastructure assets.

(VB/JM)

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