BAA today announces 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.
Colin Matthews, BAA’s chief executive officer, said: “Naples has been a significant part of the BAA group for many years. BAA’s substantial capital investment and improvement programme is now well established in Naples and is bearing fruit. Now is the right time for Naples International Airport to move ahead under new owners and for us to sharpen our focus on Heathrow and our other UK airports. We wish our friends and colleagues in Naples every success.”
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.
BAA may monetise the deferred consideration at or around closing. The sale is conditional upon Italian competition clearance and the expiry or waiver of pre-emptive rights held by the City and the Province of Naples, which are the minority shareholders in GESAC SpA.
Completion of the sale is expected to occur before the end of 2010.