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| Hochtief buys real estate subsidiary from Deutsche Bahn The Supervisory Board of Deutsche Bahn AG gave its approval for selling all shares in the fully owned subsidiary aurelis GmbH & Co. KG, Eschborn, Germany, to a consortium made up of Hochtief Projektentwicklung GmbH and Redwood Grove International L.P. The assets of aurelis—a company which develops and administers rail-related properties and sites—comprise 1,495 real estate items with a combined area of 27 million square meters, including top inner-city locations in Germany's population centers. The purchase price is expected to be EUR 1.64 billion, approximately EUR 820 million of which will represent the Hochtief share. The two partners will each hold a 50 percent stake in the jointly owned company. Plans are to expand aurelis into the leading German asset manager and developer of inner-city urban quarters. The purchase still has to be approved by the Federal German Ministry of Transport and by the Cartel Office in charge. write your comments about the article :: © 2007 Construction News :: home page |