Aurelis

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Aurelis Real Estate GmbH

logo
legal form GmbH
founding 2002
Seat Eschborn , Germany
management Joachim Wieland (Managing Director)
Number of employees approx. 200
sales EUR 332 million (2016)
Branch Real estate industry
Website www.aurelis-real-estate.de
Status: 2017

The Aurelis Real Estate GmbH based in Eschborn is a real estate developer and has a real estate portfolio of 10 million m 2 mainly from the former property of the Deutsche Bahn . The fields of activity include leasing, revitalization, new construction, the conversion of unused fallow land to developed building land, as well as the sale of properties and the acquisition of new properties with potential for added value. The urban reorganization of the railway conversions - revitalization of large, inner-city areas - is carried out from the portfolio mentioned above.

history

Foundation by Deutsche Bahn

At the end of 2001, Deutsche Bahn decided to sell part of the real estate that was not required for operations. The main goals were to focus on the core business as a transport company, efficient real estate utilization and the rapid release of the liquidity tied up in the real estate in order to gain capital for other business areas (especially DB Netz AG). After the sale via individual sales was considered to be time-consuming and investment-intensive, an overall exploitation of the properties in question was sought.

The company was founded with effect from February 15, 2002. The company, including its general partner ( Aurelis Management GmbH ), was a wholly-owned subsidiary of Deutsche Bahn AG. Their subject matter is the acquisition, development, optimization, marketing, administration and management of real estate. WestLB was involved in the activities as a partner for real estate development. At the same time, WestLB became a 39 percent shareholder in an investor consortium to which Westdeutsche Immobilienbank AöR (stake: 10%) and Provinzial NordWest Lebensversicherung AG (2%) also belonged. This consortium was involved in the company, which was still without real estate, in the form of an atypical silent partnership with a contribution of 130 million euros. The consortium also acquired a 51 percent stake in the general partner.

On April 30, 2003, DB Holding sold a portfolio of non-operational real estate at book value to Aurelis. The majority of this package had previously been assigned to DB Holding, while a part comprising seven percent of the area was also owned by the Group's transport companies (as part of the 2nd stage of the 1999 rail reform ) . The reason why the majority of the real estate - contrary to the regulations of §§ 2, 25 DBGrG - was assigned to the group holding was the lack of operational necessity for these objects. A total of around 30 million m² was sold to Aurelis. The total book value of the space was around one billion euros. The purchase price of EUR 2,261 million was based on the expected market values. The company financed the acquisition through borrowing (1,337 million euros), a shareholder loan from DB (495 million euros), a purchase price deferral (173 million euros) and the capital contributions of the buyer consortium (130 million euros) and DB (125 million euros) Million Euro). The direct liquidity flowing into DB in the amount of EUR 1.3 billion was used to cover losses and to increase DB Netz's equity .

Headquarters Aurelis in Eschborn

Sold to Hochtief and Redwood Grove

On April 30, 2006, West LB retired as a shareholder due to a realignment of its business. At this point in time, Aurelis had generated sales of EUR 329.8 million. On balance, around 124 million euros were repaid. After West LB left the company, Deutsche Bahn decided to sell the company. In May 2007, a bidding process was initiated in which a retroactive sale of the shares in Aurelis and the general partner as of December 31, 2006 was offered. Only one bidder - a consortium of Hochtief and Redwood Grove International - submitted an offer. Redwood Grove International is a real estate fund of Grove International Partners, founded by investor George Soros .

After negotiations, DB sold its shares in September 2007 for a purchase price of 1.64 billion euros. After deducting external liabilities (EUR 1,001 million, remaining debt of EUR 1.3 billion), the release of provisions (EUR 427 million) and the deduction of transaction costs of EUR 20 million, EUR 192 million flowed the DB Station & Service too. As part of a real estate reallocation agreed between the federal government and DB , the transfer of the net transaction result to DB Station & Service was established.

Sale by Hochtief

In November 2010, Hochtief announced the intended sale of its 50% stake, originally for 2012, as part of a hostile takeover offer by the Spanish construction company ACS . After ACS took over Hochtief in February 2014, Hochtief sold a 43% stake to its partner Grove International "at about the book value as of November 30, 2013". The remaining 7% were sold to an independent investor.

Individual evidence

  1. aurelis-real-estate.de: Management
  2. aurelis-real-estate.de: Aurelis in a nutshell
  3. a b aurelis-real-estate.de: key figures
  4. a b c d e Background of the sale of Aurelis Real Estate GmbH & Co KG by Deutsche Bahn AG , report by the Federal Ministry of Transport, Building and Urban Development (BMVBS) on the meeting of the Transport Committee at the German Bundestag on October 10, 2007
  5. Hochtief AG press release of November 11, 2010. Accessed on September 6, 2011 .
  6. Real estate subsidiary sold - Hochtief boss says Adios to Aurelis. Manager Magazin Online, February 3, 2014, accessed February 6, 2014 .