Berlin - German rail company Deutsche Bahn said Wednesday it was selling a property unit to a consortium comprising civil engineer Hochtief and property
investor Redwood Grove International. The unit, Aurelis, mainly owns inner-city land and buildings which are not needed for German rail operations.
After Wednesday's approval from Bahn's board, a contract is to be signed soon on the 1.6-billion-euro (2.2-billion-dollar) transaction, which enables Bahn to reduce debt.
The new owners said they would be obtaining prime sites in Berlin, Frankfurt, Munich, Hamburg, Cologne, Dusseldorf and Stuttgart and could now offer sites to investors for redevelopment as shops or offices with Hochtief as builder and property manager.
