October 7, 2019 / 3:36 PM / 8 days ago

Germany's Aareal conducts strategic review following calls from investor

FRANKFURT (Reuters) - German real estate lender Aareal said on Monday it had embarked on a strategic review following calls from an activist investor to consider the sale of its software unit Aareon.

Hermann Merkens, Aareal’s chief executive officer, wrote in a letter to the shareholder, Teleios Capital Partners, that Aareon was a “key pillar” and that the bank was continuing to grow and invest in the division.

But Aareal also said the group was “assessing all relevant options”. It had made no decisions on the outcome and had no established preferences, Merkens wrote.

Last month, Teleios, which holds a 3.4% stake in Aareal, said investors may be better served through a full sale of Aareon.

A spokesman for Teleios declined to comment.

Reporting by Hans Seidenstuecker and Tom Sims; editing by David Evans

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