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| Hochtief sells its stake in real estate company aurelis Hochtief, Essen, executed on Friday an agreement to sell 43% in aurelis to an investor consortium led by funds managed and advised by affiliates of Grove International Partners LLP with the remaining 7% of the Hochtief participation simultaneously sold to an independent investor. Grove is a boutique private equity firm that controls the other 50% of aurelis. The sale price of the participations, acquired in 2007, is close to Hochtief's book value as of November 30, 2013. The parties agreed to confidentiality on further details about the transaction. The sale of the participations in aurelis is subject to the approval of the competent German antitrust authorities. The transaction is expected to close in the first half of 2014. Aurelis will continue to pursue its successful strategy in developing its real estate portfolio as it was. write your comments about the article :: © 2014 Construction News :: home page |