Airport operator BAA is in talks to sell a half-share of a Heathrow warehouse and offices portfolio for about £600m. The Times

Ferrovial, baa's Spanish owner, has hired Morgan Stanley to handle the sale of its half-share in BAA’s Airport Property Partnership. The package is likely to include BAA Lynton, the property development division headed by John O’Halloran in what would be the largest sale of industrial property in Britain for more than a year.

The parternship owns about 35 properties – mostly industrial – 17 development sites and six other aviation-related interests, held in a Jersey-based property unit trust. The jewel in the crown is the 400,000 sq ft BA Cargo Centre at Heathrow, estimated to be worth £250m.

The combined value of the partnership fund and BAA Lynton is thought to be nearly £1.2bn.