Spanish builder Ferrovial is preparing to sell off the property arm of British airport operator BAA.
A Ferrovial spokesman said that BAA had given Morgan Stanley, its financial adviser, a mandate to sell its commercial property company and a 50% stake in Airport Property Partnership.
Ferrovial acquired the airport operator last year at a cost of 拢10bn. The group鈥檚 property assets are valued at 拢1.2bn and it is thought that Ferrovial will use these proceeds to reduce the debt it took on .
Postscript
BAA was taken over by Ferrovial in July 2006.
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