Hochtief has confirmed the sale of residential development company Formart to ActivumSG.
Its decision to sell the firm specialising in construction within Germany and Luxembourg follows its announcement earlier this year to dispose of a 50% share in property company Aurelis.
In July, Hochtief also sold two of its subsidiaries – Hochtief Property Management and Hochtief Asset services to asset management firm Vincitag.
ActivumSG, which is Jersey-based, has a strong presence in the German real estate business and has a linked advisory arm of the company in Berlin.
Formart is expected to operate as an independent company following the sale – which was said to be valued at close to the book value of the firm.
According to Hochtief, the disposal of its residential property company will allow it to focus on its core business of delivering public-private partnership projects in construction and infrastructure.