TBI, owner of Belfast International Airport, has decided to sell the company's property arm to concentrate on its core activities. The sale is expected to raise £190 million (#241.25 million), half of which will be used to clear debts. The remainder will be used for further airport investment and acquisitions.

TBI chief executive Mr Keith Brooks was pleased the company had secured a deal which would allow it to get out of non-airport related property.

"We will now have a clear focus on our airports business and continue with our strategy of making airport acquisitions," he said.

TBI owns four airports - in Orlando, Cardiff, Stockholm, and Belfast. Since it bought Belfast International at Aldergrove in 1996, it has invested nearly £10 million in a check-in hall, cargo-handling facilities, and an extension to the pier used for international flights. Last year, the airport received planning permission for a £13 million terminal which the company says will be built when there has been a further significant increase in passenger numbers. The company is also awaiting planning permission for a proposed business park.