Hochtief to spin off its holdings in airports

GERMANY. Germany’s biggest building group Hochtief plans to spin off holdings in four airports worth up to €1 billion (US$1.21 billion) into an independent airport fund reports Reuters.

According to Reuters, the German newspaper Die Welt will today reveal that Hochtief will create an airport fund out of its stakes in airports at Sydney, Athens, Duesseldorf and Hamburg, which it would then manage.

The paper said initially about half of the airport fund would be placed with institutional investors.

It quoted Reinhard Kalenda, the chief executive of the Hochtief Airport unit, confirming the move, and saying that it would be implemented in the second half of the year. He said the plans were at a final stage.

The paper said the move was intended to raise funds for the group’s growth, and that Hochtief Airport would now advise airport operators and help broker airport sell-offs.

Hochtief Airport own a 40% stake in Athens airport, 39.2% in Hamburg, 30% in Duesseldorf and 10.5% in Sydney.

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