A Canadian pensions manager is leading the race to buy a half-share in a swathe of Heathrow warehouses and offices for about £600m from BAA, the airports operator. The Times.

Caisse de Dépôt et Placement du Québec was part of the consortium, led by Spanish construction giant Ferrovial, that bought baa for £16.3bn last year.

Ferrovial has put up for sale the half-share in BAA’s Airport Property Partnership to an array of potential suitors, but La Caisse is a significant step ahead of rivals because it has arranged for a right of first refusal to match any offers.

First-round bids are due on 20 July.