FRANKFURT/DUESSELDORF, Oct 1 (Reuters) - Hochtief, the German building group controlled by Spain’s ACS, is close to the sale of its Formart real estate business, two sources familiar with the matter told Reuters on Wednesday.
The sources said it was likely that real estate developer Formart would be sold to real estate fund Activum.
Hochtief earlier this year sold its stake in property firm Aurelis and said it was looking at options for other real estate businesses, including Formart.
The divestments are part of an overhaul aimed at helping Hochtief cut its debt while it focuses on plans to become one of the biggest global infrastructure providers.
A spokesman for Hochtief said Formart had been up for sale for a long time, but declined to comment further. (Reporting by Arno Schuetze and Matthias Inverardi; Writing by Victoria Bryan, editing by David Evans)