City and Gatwick owner circles Hochtief’s airport assets

German construction group Hochtief AG (FRA:HOT) has received offers for the holdings in five airports it has put on sale, Reuters reported, quoting two people in the know.

Fraport AG (ETR:FRA), which runs the Frankfurt airport, Global Infrastructure Partners, owner of London’s City and Gatwick airports, Canadian investor Brookfield Asset Management Inc (TSE:BAM.A) and German insurer Allianz SE (ETR:ALV) have bid for Hochtief’s stakes in airports in Duesseldorf, Hamburg, Budapest, Sydney and Tirana, while an additional party has made a provisional offer only for the German business being sold, according to the report.

Hochtief, which has interests in six airports, may end up shedding the airport operations in parts, while still aiming to sell them as a whole, the vendor’s CFO Peter Sassenfeld said late in February. The company has excluded the Athens Airport, having decided to wait until conditions in the country improve, the CFO said at the time.

Hochtief put an offload of the six airport interests on ice last year, as it was not able to get a price of EUR1.5bn (USD2bn). The current sale, which is being handled by Deutsche Bank AG (ETR:DBK), could fetch as much as EUR1.2bn, Reuters said, citing a source representing a potential buyer.