Grupo Ferrovial plans to sell BAAs real estate unit for 12 bln eur report

Grupo Ferrovial plans to sell BAAs real estate unit for 12 bln eur report: "Grupo Ferrovial plans to sell BAA's real estate unit for 1.2 bln eur - report

MADRID (AFX) - Grupo Ferrovial SA plans to sell its UK airports' operator BAA PLC's 50 pct stake of real estate fund joint venture Airport Property Partnership (APP) for 1.2 bln eur, Cinco Dias reported, citing unnamed sources close to the operation.

The joint venture, formed with Morley Fund Management in February 2006, includes assets such as machinery warehouses and offices in seven airports that BAA holds in Great Britain.

The sale comes on the heels of Ferrovial's decision to sell BAA's Budapest airport, and as the constructor trims down the British airport affiliate's non-strategic assets to help pay off its debt."