Germany’s Aareal Bank Will Sell Prized Property-Software Unit to TPG

By Jerry 

Aareal Bank, a German lender exposed to U.S. commercial real estate, is selling its prized property-software unit, Aareon, to private-equity firm TPG.

The bank and one of its owners, Advent International, agreed to sell Aareon to TPG and Canadian investment group CDPQ at an enterprise value of €3.9 billion euros, the equivalent of $4.2 billion. Aareal’s equity stake in Aareon is valued at €2.1 billion.

 

 

 

Source: WSJ


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