BAA raises funds

BAA LTD has taken steps to ensure it has sufficient cash funds to backup its current development plans, which mainly revolve around Heathrow’s T2.  The injection will consist of £200m of new equity from shareholders and £300m from BAA Airports Ltd and FGP Topco Limited, the ultimate holding company of BAA, which is jointly owned by BAA’s three controlling shareholders, Ferrovial of Spain, CDPQ of Canada and GIC Special Investments Pte Ltd, located in Singapore.  BAA now effectively owns six UK airports having recently agreed to sell Gatwick airport to Global Infrastructure Partners for  £1.5bn.  www.baa.com

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