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BAA to sell Naples Airport
BAA is to sell Naples International Airport for €150million in order to refocus its attention on its UK operations.
It has confirmed that its 65% stake of GESAC SpA, which holds the concession for Naples airport until 2043, will be bought by an Italian infrastructure fund by the end of this year.
"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," said BAA.
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.
BAA chief executive officer Colin Matthews 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.”
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.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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