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| BAA sells Naples International Airport BAA announced that it has agreed to sell its interest in Naples International Airport to an entity controlled by F2i SGR SpA, an Italian infrastructure fund, for €150 million. BAA owns 65% of GESAC SpA which holds the concession for Naples International Airport until 2043. Completion of this sale will bring to a successful conclusion the strategic refocusing of BAA's interests away from non-core and international assets to its UK airports. Since 2006, the company has sold Budapest Airport, its Australian airport interests, two tranches of the Airport Property Partnership (APP), World Duty Free and four US retail management contracts. BAA has also sold Gatwick Airport. €13 million of the total price will be deferred for three years on an unconditional basis and fully backed by on demand bank letters of credit. Completion of the sale is expected to occur before the end of 2010. write your comments about the article :: © 2010 Construction News :: home page |