HSH N Real Estate AG informs that it has purchased 100% of the shares in BauGrund Stadtentwicklung GmbH in Bonn from Deutsche Bau- und Grundstücks-AG(BauGrund), a 100% subsidiary of Aareal Bank AG. BauGrund Stadtentwicklung concentrates on the implementation of urban development measures. In total, BauGrund's urban development division comprises presently 65 employees. The sale took effect retroactively as of 1 January 2006. The parties agreed not to disclose the purchase price. The German Federal Cartel Office has given its approval.
Dr. Marc Weinstock, Member of HSH N Real Estate AG's Management Board comments: "We have thus clearly made progress with our strategy to achieve the market leadership in the domain of urban development for the public authorities". In 2005, HSH N Real Estate has already purchased DSK GmbH in Wiesbaden and holds in addition 45% of the shares in BIG Städtebau GmbH, Kronshagen.
"With this sale we are continuing to implement our policy of dispensing with non-strategic participations and continuing to strengthen our medium-sized corporate structure. Thus, we can focus on our core competency, international property finance," stated Dr. Wolf Schumacher, Chairman of the Aareal Bank Management Board.
Source: Aareal Bank