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Grove ups stake in Hochtief’s Aurelis by as head of buyout consortium

4 Feb 2014

real estate constructionPrivate equity firm Grove International has led an investor group to up its 50 per cent stake in Aurelis, the real estate unit of German builder Hochtief.

Grove’s consortium has bought another 43 per cent of the business, with seven per cent going to an independent investor.

Brookfield and Morgan Stanley’s real estate arm were said to be interested in the business last month, although it is unclear whether they were part of the consortium.

Patron Capital was also reportedly in the running to buy a stake in Aurelis according to Reuters, which previously said a deal for the company could value it at €1bn.

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