Heathrow has agreed to sell Aberdeen, Glasgow and Southampton airports for just over £1 billion.

Heathrow Airport Holdings (formerly BAA) has agreed to offload the assets to a consortium formed by Spanish infrastructure giant Ferrovial and investment firm Macquarie.

The sale consideration will be increased to compensate Heathrow for the time delay between today and the closing date of the deal. The proposed deal will also be subject to EU merger regulation clearance. 

John Holland-Kaye, chief executive of Heathrow, said: “This sale enables us to focus on improving Heathrow for passengers and winning support for Heathrow expansion.

“Heathrow is the UK’s only hub airport, connecting the whole of the UK to the world and bringing economic benefits locally and nationally.”

The sale is expected to close no later than January 2015.

Ferrovial owns a 25% stake in Heathrow and is the largest individual shareholder.

Heathrow Airport Holdings formerly owned seven UK airports but has gradually reduced this number following a decision by the Competition Commission.