October 23, 2019 / 9:45 AM / a month ago

Aareal open to discuss partnerships for Aareon unit - sources

FRANKFURT, Oct 23 (Reuters) - German real estate lender Aareal is open to engage in talks with potential buyers of its software business Aareon following calls from an activist investor to do so, people close to the matter said.

Aareal is working with Societe Generale and Deutsche Bank as its advisors. While it is not launching a formal sales process, it is open to discussing ideas, including plans of a majority sale which could value the unit at 500-600 million euros, the people said.

“Now is a good time for potential buyers to get in touch with Aareal”, one of the people said, adding that pressure from the activist, Teleios Capital Partners, had changed the dynamics of the deal.

The banks and Teleios Capital Partners declined to comment.

Additional reporting by Tom Sims Editing by Tassilo Hummel

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