Ferrovial Group, the Spanish company which owns airport operator BAA, has sold George Best Belfast City Airport in a deal worth £132.5m.

The airport, which is the second largest in Northern Ireland, has been acquired by the Dutch bank, ABN Amro's Global Infrastructure Fund, in a deal which is expected to be completed at the end of September. The sale of George Best Belfast City Airport will generate more than £85m capital gains for the Spanish group after selling for four times the amount it was bought for in 2003.

Ferrovial will now concentrate its UK operations fully on BAA sites, which was recently told by the Competition Commission to sell two of its three London airports, and either Edinburgh or Glasgow.