Qatar’s sovereign wealth fund says it has sold off its roughly 10 percent stake in German construction firm Hochtief for about 540 million euros ($615 million).
The Qatar Investment Authority said in a statement Tuesday that it sold a “significant portion” of the shares to an unnamed “single strategic shareholder.”
The fund held more than 7 million shares in the Essen, Germany-based construction firm. It agreed to sell them at 77 euros apiece.
It has held the stake for about five years and called the sale part of its routine portfolio management.
Hochtief is an active player in Qatar’s booming construction industry, helping the energy-rich Gulf state complete vast infrastructure projects ahead of its hosting of the World Cup in 2022.
