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| Hochtief generates sales proceeds of around EUR 550 million German construction giant Hochtief has closed the year by generating proceeds of around EUR 550 million from planned sales in the Hochtief Real Estate division. The division, which primarily bundles the subsidiaries Hochtief Projektentwicklung and aurelis Real Estate, disposed of properties, projects and land at predominantly prime real estate locations in Germany, including the former Lufthansa building maxCologne in Cologne. The assets sold are in various stages of maturity, from undeveloped land in conurbations such as Berlin and Nuremberg through to completed projects, e.g. four nursing homes in Baden-Württemberg, Bavaria and Hesse. The buyer of these projects, which offer a total of 312 nursing home places, is the life insurance company Swiss Life, which also acquired three facilities from Hochtief in early 2009. Hochtief Projektentwicklung also sold a further ten owner-occupied apartments in the prestigious Marco Polo Tower project in Hamburg, meaning that the occupancy rate of the residential tower is now already more than 60 percent. write your comments about the article :: © 2009 Construction News :: home page |