BAA, the British airports unit of Spain's Ferrovial, said on Friday it had agreed a partial sale of its Airport Property Partnership joint venture for GBP265 million pounds (USD$525 million).

BAA said in a statement that it would sell a portfolio of 33 properties to Arora Family Trust from the 50-50 joint venture with Morley Fund Management.

BAA said the sale accounts for about a quarter of APP's total portfolio by value.

Part of the proceeds from the transaction will be used to repay APP's existing debt, and the balance after costs will be returned to BAA and Morley.

BAA said the deal formed part of its strategy to dispose of non-core assets and "represents the first stage in the sale of APP and BAA Lynton, BAA's property management company."