Listed construction group HOCHTIEF AG of Essen, Germany has sold its 50% stake in property company Aurelis Real Estate GmbH & Co. KG to a consortium of investors led by the current co-owner, New York-based private equity firm Redwood Grove International Partners LLP. The purchase price was not disclosed.

CMS Hasche Sigle advised HOCHTIEF on all legal aspects of the transaction. Due to the substantial size of the real estate portfolio, a particularly large team from across Germany was deployed, led by Dr Malte Bruhns.

The Aurelis shares have been held equally by a consortium comprising HOCHTIEF and Redwood Grove since 2007. 43% of the HOCHTIEF shares will now be sold to funds managed by Redwood Grove. The agreement stipulates that the remaining 7% will be sold to an independent investor.

Aurelis was originally formed by Deutsche Bahn in 2002 in order to market properties that were not required for operational purposes. It currently holds a portfolio of around eleven million square metres of land and rental properties throughout Germany. The company has projects under way in all major German cities. In 2012 it generated revenues of EUR 417.2 million through its Asset Management and Land Development divisions.