Arora buys 33 airport properties in £309m deal

20 August 2008 by
Arora buys 33 airport properties in £309m deal

The Arora Family Trust (AFT) has acquired a portfolio of 33 assets from the Airport Property Partnership (APP) in a deal worth £309m.

The company paid £236m for the collection of 30 properties located at various BAA UK airports, plus the formal purchase contracts for three properties currently under construction for £73m.

Surinder Arora, whose family are the beneficiaries of The Arora Family Trust and who controls the Arora portfolio of hotels, said it was a "significant asset consolidation" which would bolster the business plans it has for Heathrow, Gatwick and other UK airports.

The deal includes the Holiday Inn Glasgow Airport and the Edgeworth Club which will be a Courtyard by Marriott currently being constructed by Kew Green Hotels.

A spokesman for Arora said: "I must stress that this is an acquisition of the sites only and does not affect the business interests operating on the sites."

APP is a 50:50 joint venture between BAA and clients of Morley Fund Management Limited.

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By Gemma Sharkey

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