BAA and Morley Fund Management have sold £265m of assets from their 50:50 Airport Property Partnership to the Arora Family Trust.
The partners took the decision to sell part of the Airport Property Partnership to the Arora Family Trust after struggling to sell the entire venture, valued at around £1bn, as tipped in Property Week 15.02.08.
Arora will now buy 33 assets from the Partnership, including the forward sale of two properties currently under development which baa and Morley will fund to completion.
It is thought that BAA and Morley are still pursuing a sale of the remaining industrial assets held by the Partnership.
Part of the proceeds from the deal will repay the Airport Property Partnership’s existing debt, and the balance after costs will go to BAA and Morley.
The vendors said: ‘The transaction is part of BAA’s strategy to dispose of non-core assets, and represents the first stage in the sale of APP and BAA Lynton, BAA’s property management company.’
Morgan Stanley advised BAA.
