* Gatwick has over 1 potential bidder - Ferrovial executive
* BAA could issue over 1 bln pounds in bonds in 2010
* Ferrovial shares up 0.5 percent
(Adds detail, background, shares)
By Andres Gonzalez
MADRID, Oct 14 (Reuters) - The sale of London's Gatwick airport by Spain's Ferrovial is advanced but not imminent, the Spanish builder's managing director said on Wednesday, crushing hopes for a sale by next week.
Sources familiar with the Gatwick sale told Reuters last week that a consortium led by Global Infrastructure Partners (GIP) was close to buying the airport for up to 1.8 billion euros ($2.68 billion), with a deal possible before Oct 19.
"The Gatwick sale process is advanced but talks are ongoing. If you had asked me in July I would have said the same. I think it is possible it could take some time," Inigo Meiras told journalists.
"There is more than one interested party," he said.
Gatwick, controlled by Ferrovial's British airports operator BAA, was first put on the market last year to comply with a UK competition ruling, but the sale has dragged on during the prolonged credit crisis.
By 1439 GMT, Ferrovial's shares were up 0.5 percent at 34.30 compared with a 2 percent gain on Spain's leading share index.
BAA BONDS
Tough financial markets and the delayed sale of Gatwick have weighed on BAA -- which is struggling under an about 10 billion pound ($16 billion) debt pile -- and prevented the company from going through with a planned bond issue.
But with the sale of Gatwick looking closer and credit markets opening up, Meiras said Ferrovial expects BAA to make an over 1 billion pound bond issue in 2010.
"As a strategy, we'd like to increase our exposure to financing through bonds and have less exposure to bank financing," said Meiras.
On Tuesday, the British government watered down new requirements for big airport operators' solvency, a move which analysts said would facilitate BAA's negotiating capacity for both new and old financing.
Meiras will be appointed Ferrovial's chief executive officer next week. The company plans to continue focusing on its four main business areas of construction, infrastructure, services and airports, and will study upcoming airport privatisations in Portugal and Brazil, he said. ($1=.6259 Pound) ($1=.6710 Euro) (Reporting by Andres Gonzalez; writing by Tracy Rucinski; Editing by Jon Loades-Carter)