Hochtief has agreed to sell a 43% share of real estate firm Aurelis to an investor consortium led by Grove International Partners LLP. Grove already controls the other 50% of Aurelis.
Hochtief’s remaining 7% asset in Aurelis will be sold to an independent investor.
Marcelino Fernández Verdes, CEO of Hochtief, said the transaction marked another significant step in the firm’s strategy of divestment.
The company plans to use the capital released from divestments for several purposes including strengthening its balance sheet, investing in the group’s core businesses and remunerating shareholders. Hochtief continues to study options for its remaining real estate business.
The Aurelis sale is subject to approval by German antitrust authorities, and is expected to close in the first half of 2014.