Ferrovial is to sell off part of its stake in UK airport operator BAA.
The debt-ridden Spanish company, which currently indirectly owns 55.87% of BAA, released a statement outlining its plans for a “possible sale” of at least 10%.
Ferrovial said: “Initially, the proposed transaction is to divest 10% of the equity in FGP Topco, parent company of BAA.”
Of the remaining shareholding, Britannia Airport Partners LP owns 26.48% and Singapore’s GIC owns 17.65%.
Ferrovial said the transaction “intends to establish a market valuation of BAA”, but the company also emphasized its continuing commitment as a long term investor.
Earlier this month, Ferrovial announced it was selling off BAA’s only non-British airport.
Ferrovial's 65% share in Naples Airport is being bought by Italian infrastructure company F2R for €150 million.
Inigo Meiras, Ferrovial CEO, said: “We have taken the decision to go to the market to sell a minority stake of BAA's capital, though the completion of any sale will depend on the offers received.”
He added: “Heathrow is one of the best infrastructure assets in the world and its resilience has been proven by its performance in the current economic circumstances.”
Ferrovial said it will use the proceeds from the sale on new infrastructure and services projects, as well as to reduce its corporate debt.