Manchester Airport looking to sell off £500m worth of property

Manchester Airport Group (MAG) is set to sell off a portfolio of industrial assets, according to reports.

Property Week says the property and development land will be sold off at East Midlands Airport along with similar assets at Manchester Airport and Stansted in a deal worth around £500.

The firm is one of the largest airport groups in the UK.

The business is owned by the ten metropolitan borough councils in Greater Manchester and Australian investment fund IFM Investors.

US private equity firms are said to be in the frame to snap up the portfolio, according to  Property Week, with Starwood Capital and Cerberus Capital Management having submitted bids.

The report suggests that assets around East Midlands Airport are all income-producing tied down on long leases.

MAG Property has offices, terminals, hangars, warehouses and hotels across its portfolio.

The firm currently has assets in Manchester, London Stansted and East Midlands.

MAG Property owns and manages a 5.67m sq ft portfolio of 250 commercial properties, as well as over 1,000 acres of development land.