Hochtief has sold two subsidiary companies – Hochtief Property Management and Hochtief Asset Services – to investment management company Vincitag, based in Munich, Germany.

Hochtief said the sale was another “consistent step” in line with its strategy of concentrating on the core business of construction and divesting its non-core assets.

These latest transactions follow the sale earlier this year of Hochtief’s 50% stake in real estate company Aurelis. Hochtief said it had been agreed not to disclose further details of this contract.

Hochtief described Vincitag as a medium-sized group of companies with a current turnover of around €100 million and approximately 900 employees. It already operates in the area of technical building equipment and technical facility management.

Hochtief added that Vincitag’s shareholders had extensive experience in the integration, realignment and further development of companies. As a result of the transaction, more than 500 staff will change employers.

Hochtief has said that it would be focusing on its core business of delivering complex infrastructure projects. In May, CEO Marcelino Fernández Verdes said, “It is my clear objective systematically to pursue the path we have embarked upon and to push ahead our group-wide reorganisation.”

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