Hochtief in airport venture with foreign partners

24th March 2005, Comments 0 comments

24 March 2005, ESSEN - Hochtief, Germany's largest construction concern, said it has completed a deal with Australian, Canadian and German partners to form a new airport project development company.

24 March 2005

ESSEN - Hochtief, Germany's largest construction concern, said it has completed a deal with Australian, Canadian and German partners to form a new airport project development company.

Hochtief said the partnership had gained German cartel office approval after the company had to divest some of its own airport holdings.

Partners in the new Hochtief AirPort Capital company are Hastings Funds Management Ltd. of Australia, Caisse de depot et placement du Quebec of Canada, and KfW IPEX-Bank of Germany.

The new company will join forces in future privatisations of international airports.

"Together with our partners we will be intensively looking at some interesting airport projects in the coming months," said Reinhard Kalenda, head of Hochtief AirPort Capital.

Before the deal could go through, Hochtief had to give up some EUR 343 million (US$ 445 million) worth of its airport holdings, including one-third of its stakes in the Athens, Dusseldorf and Hamburg airports and 49 percent of its shares in the Sydney airport.

DPA

Subject: German news

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