German Builder Sells Stake in Real Estate Business

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German builder Hochtief, which is owned by Spanish group ACS, has agreed to sell its stake in the property firm Aurelis to a consortium.

Hochtief will sell 43 percent of its stake to an investor consortium led by Grove International Partners LLP, which already owns 50 percent of Aurelis, according to a company statement.

The company will also sell the remaining seven percent to an independent investor.

The sales price for the deal was not disclosed, but it is close to Hochtief's book value as of November 30, 2013, the company said.

As of the end of September, the book value of the stake in Aurelis was approximately €250 million ($337 million), Reuters reports.

"This transaction is another significant step in the delivery of our strategy," said Marcelino Fernández Verdes, Hochtief chief executive.

The company will use proceeds from the sale to strengthen the balance sheet, invest in the group's core businesses and remunerate shareholders.

Hochtief will continue to look for options for its remaining real estate business. The businesses, HTP and Formart, have a book value of €800 million and €315 million, respectively, according to Reuters.