European buyout firm CVC Capital Partners is not about to sell the property business of German conglomerate Evonik Industries.
In an interview due to be published tomorrow by Die Zeit, CVC’s Germany country head Steven Koltes said: “That is not our style.”
The weekly newspaper reports that the Evonik's real estate division is acquiring Treuhandstelle fuer Bergarbeiterwohnungen, the owner of more than 70,000 apartments. Koltes says: “'We want to integrate this business, which means one needs to be a bit more patient.'
CVC agreed to pay €2.4 billion ($3.7 billion) earlier this month for a 25 percent stake in Evonik, which is looking to list on Frankfurt’s DAX exchange.
The stake was sold by the RAG Foundation, a state-backed entity charged with advising Evonik’s access to capital markets and to take on the liabilities associated with the winding down of Germany’s hard coal mining activities.
CVC is investing out of its fifth buyout fund, which closed on €12.1 billion in March.