FRANKFURT (Reuters) – German actual property lender Aareal stated on Monday it had launched into a strategic review following calls from an activist investor to think about the sale of its software program unit Aareon.
Hermann Merkens, Aareal’s chief government officer, wrote in a letter to the shareholder, Teleios Capital Partners, that Aareon was a “key pillar” and that the financial institution was persevering with to develop and spend money on the division.
But Aareal additionally stated the group was “assessing all relevant options”. It had made no selections on the result and had no established preferences, Merkens wrote.
Last month, Teleios, which holds a three.four% stake in Aareal, stated buyers could also be higher served via a full sale of Aareon.
A spokesman for Teleios declined to remark.
Reporting by Hans Seidenstuecker and Tom Sims; modifying by David Evans