BAA has today completed the sale of its wholly owned subsidiary which holds the group's interests in six Australian airports for a consideration of A$ 775m (£340m). The groups Australian airport interests comprise a 19.8% interest in Melbourne and Launceston, 15% interest in Perth, and 10% interests in three Northern Territory airports. The sale represents a continuation of BAA's strategy to dispose of non-core international assets. The acquirer is an Australian entity managed by Hastings Fund Management. Proceeds of the sale will be used to repay debt in accordance with the terms of the ADI financing facilities.