UK airports operator BAA is close to completing the £700mln sale of its industrial property portfolio to US distribution giant Prologis, the Sunday Times reported. A sale of BAA's non-core portfolio is seen as essential to re-finance the massive £10bn in debt incurred when Spanish infrastructure group Ferrovial acquired BAA two years ago. If the deal goes ahead, Prologis will take control of assets that include 35 industrial estates and the cargo handling centre at Heathrow, the paper said. Prologis was not available for comment on Monday.
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