Manchester Airport Group (MAG) has put a portfolio of industrial assets and development land around its airports up for sale for £500 million, according to a report in Property Week.

MAG owns and operates Manchester, London Stansted and East Midlands airports and is privately managed on behalf of its shareholders — Australian investment fund IFM Investors (35.5%), Manchester City Council (35.5%) and nine other Greater Manchester councils (29%).

The report said MAG has appointed Savills to sell the portfolio, comprising a mix of income-producing assets and development opportunities around the three airports.

It is thought first-round bids have been submitted and US private equity firms Starwood Capital and Cerberus Capital Management are in the running.

MAG declined to comment.

“These are assets in strong locations around the UK with the obvious benefit of being next to the airports,” one source with knowledge of the portfolio told Property Week.

“Given the strength of the industrial and logistics sector and strength of long-term demand from occupiers, several investors are keen to land this portfolio.”

The report said MAG owns 250 properties worth £641 million around its three airports and owns 1,000 acres of development land across its estate.