Airport sales suffer delayed takeoff

Posted on Posted in INDUSTRY NEWS

BAA has been unable to sell property from its Heathrow and Gatwick portfolios, the Times has reported.

The airport owner has had the property on the market for more than 12 months and might be forced to cut £100 million from its price.

BAA is owned by Ferrovial, which is looking to reduce some of its current debt made more expensive by high interest rates.

The properties were almost bought by Brixton, the industrial developer and Prologis, an American developer. However, the deal fell through after BAA refused an offer that was 20 per cent below its asking price, the paper reported.

BAA has also been accused of over-charging for access to airport parking and threatening competitors’ parking operations.

"We are not bullying these companies, " BAA said. " We rightly insist that if people want to offer a service they do so in a way which does not disadvantage others, including ourselves."

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