Infratil has agreed to sell UK airport Manston for £1 to an entity named Lothian Shelf (710) Limited.
The buyer, which is owned by Stagecoarch founder Ann Gloag, will also pay an adjustment for working capital variances and the equivalent of cash injected by New Zealand-based Infratil, expected to be around £350,000 ($560,000).
The deal is to be completed on 29 November, and Infratil says it expects to impair these assets by approximately £11 million in its half-year financial statements to 30 September 2013.
The sale, which follows Infratil's decision last week to divest Glasgow Prestwick to the Scottish government, marks the airport operator's exit from the UK market.
In its 2013 annual report, Infratil says it "incurred ongoing losses and a further writedown of their value; in aggregate a cost of $62 million" from its ownership of Prestwick and Manston airports.
UK Companies House records show that Lothian Shelf (710) Limited was registered in Edinburgh on 19 September this year and is due to publish its accounts at the end of 2014.
Gloag, who co-founded Stagecoach in the 1980s, was also a major shareholder in ScotsAirways, now Suckling Airways, until 2006.