BAA has agreed to sell its interest in Naples airport for €150 million.

Completion of the sale will complete a strategic refocusing of the Spanish-owned airport operator’s interests away from non-core and international assets to its UK airports.

BAA is selling 65% of GESAC SpA, which holds the concession for Naples airport until 2043.

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 since 2006. BAA has also sold Gatwick Airport fro £1.6 billion.

Colin Matthews, BAA’s chief executive, 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.”

Completion of the sale is expected before the end of the year.