BAA Ltd. is the Spanish-owned operator of five British airports (including Heathrow Airport) and Naples Airport in Italy, making the company one of the largest transport companies in the world.
BAA stems from British Airports Authority and is owned by a consortium led by Grupo Ferrovial, a Spanish firm specialising in infrastructure. The company's head office is located in The Compass Centre on the grounds of London Heathrow Airport in the London Borough of Hillingdon.
BAA makes money from charging landing fees to airlines and increasingly from ancillary operations within those airports such as retail and property. BAA does not operate all UK airports - most are in the ownership of local authorities or other corporations.
BAA was once a constituent of the FTSE 100 Index but is now owned by FGP TopCo Limited, an international consortium, which includes Caisse de dépôt et placement du Québec, which manages public pension plans in the Canadian province of Quebec, and GIC Special Investments, a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves, that is led by the Spanish Ferrovial Group, a Spanish multinational company involved in the design, construction, financing, operation (DBFO) and maintenance of transport, urban and services infrastructure.