Tags: george soros | german | developer | ipo

Soros-Backed Firm Grove Said to Consider IPO of German Developer

Friday, 20 Feb 2015 08:35 AM

Grove International Partners LLP, a property-investment firm backed by George Soros, is considering an initial public offering of German developer Aurelis Real Estate GmbH, according to three people with knowledge of the matter.

Grove is in talks with advisers about the IPO, which could take place this year, the people said. They asked not to be identified because the information is private. Aurelis, based in Frankfurt, was worth about 500 million euros ($570 million) in November 2013, based on a valuation published by previous co- owner Hochtief AG.

A spokeswoman for Aurelis declined to comment. No one at Grove was immediately available to comment.

German property share sales reached a record 4.8 billion euros last year, 29 percent more than in 2013, according to data compiled by Dusseldorf-based Barkow Consulting. In 2014, the FTSE/EPRA NAREIT index of German real estate stocks gained 40 percent.

Aurelis, a former unit of railway operator Deutsche Bahn AG, manages and develops offices and logistics properties in cities including Cologne, Frankfurt and Munich, according to its website.

In 2007, Hochtief AG and Grove each bought 50 percent of the company. Last year, Hochtief sold 43 percent to funds managed by Grove and the remaining 7 percent to undisclosed investors.

Grove is a private-equity firm founded by Richard Georgi, who manages real estate investments for Soros, a billionaire hedge-fund manager.


© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
InvestingAnalysis
Grove International Partners LLP, a property-investment firm backed by George Soros, is considering an initial public offering of German developer Aurelis Real Estate GmbH, according to three people with knowledge of the matter.Grove is in talks with advisers about the IPO,...
george soros, german, developer, ipo
224
2015-35-20
Friday, 20 Feb 2015 08:35 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved