1 October 2010

Airport operator BAA has made a deal selling Naples Airport to an entity controlled by the Italian Infrastructure Fund F2i SGR for £130 million ($206 million).

The completion of this deal will bring to an end the strategic refocusing by the operator away from non-core international assets back to its UK airports. This strategy over the past four years has seen BAA sell its Australian airport interests, Budapest Airport, World Duty Free and the Airport Property Partnership, a portfolio of warehouses.

The company was also required to sell London Gatwick Airport by the Competition Commission, which it did for £1.5 billion. BAA is currently preparing for an appeal from the Commission after its bid to force the operator to dispose of Stansted and one of its Scottish airports was dismissed.

The sale of Naples Airport, which requires clearance from Italian regulators, is expected to be completed before the end of 2010.