RPT-UPDATE 1-Hochtief sells airports business for $1.4 bln

Tue May 7, 2013 5:54am EDT
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* Hochtief sells airports to Canada's PSP Investment

* Deal retroactively takes effect Jan. 1

* Hochtief sees no one-off impact on earnings

* Shares gain 4.4 percent

FRANKFURT, May 7 (Reuters) - Hochtief said it sold its airports unit to Canada's Public Sector Pension Investment Board for 1.1 billion euros ($1.4 billion), to help fund a shift towards ground transportation and energy infrastructure.

The division has holdings in airports in Budapest, Duesseldorf, Hamburg, Sydney and Tirana, said the German builder, which is controlled by Spain's ACS.

It also sold Athens Airport as part of the transaction, which will take retroactive effect from Jan. 1 this year, even though it had previously taken that hub out of the bundle, citing economic troubles in Greece.

Hochtief Chief Executive Marcelino Fernandez Verdes, who took the top job in November, is leading a drive to shed airports and real estate development businesses to cut the company's debt while making it a leading global infrastructure provider.   Continued...