Pamela Barbaglia, Andres Gonzalez

LONDON (Reuters – Brookfield Asset Management, Canada, is working with banks in order to sell its 45% stake at French towers group TDF Group. The sale will allow it to take advantage of the growing European demand for infrastructure assets.

Brookfield was drafted in Citigroup (NYSE: Credit Suisse (SIX) To work on the sale of TDF, which would be worth more than 5 Billion Euros ($5.30B), according to three anonymous sources.

TDF, a unit of Orange France’s top telecoms operator, provides radio broadcasting services and infrastructure throughout France. Its antennas are located on the Eiffel Tower in Paris.

Brookfield’s plan to withdraw from TDF coincides with frantic investment in European towers’ businesses. Major operators like Deutsche Telekom (OTC;) and Vodafone(NASDAQ:) are in talks to sell their infrastructure assets.

Brookfield and Credit Suisse refused to comment.

TDF, Citi and other financial institutions were unavailable for comment immediately.

Brookfield seeks to make a quick move after discussions about selling all or part its TDF stake failed, sources claimed.

Canadian investment company led an investment group that took over TDF in 2015. It currently holds the number one spot with a 45% share.

The sources claimed that Brookfield plans to launch an auction in the spring, targeting high-net worth infrastructure investors who want to use capital on core European markets.

PSP Investments and APG Asset Management NV, along with Arcus Infrastructure Partners control a combined 45% of the stake. Credit Agricole (OTC) Assurances controls the remainder 10%.

According to one source, PSP has engaged Lazard (NYSE) to determine whether it will sell out like Brookfield.

PSP and Lazard refused to comment.

APG instead decided that it would invest in TDF, as it saw more potential to make a profit. TDF’s core earnings last year were 464 million euro, according another source.

APG refused to comment.

In March, TDF installed a 6 metre (20 ft) high radio antenna atop the Eiffel Tower to provide access to DAB+ digital radio broadcasting – an upgraded version of DAB digital radio for better quality transmission – resulting in the Eiffel Tower growing to a height of 330 metres.

TDF’s business in broadcasting is still attractive to investors, who are willing to pay a lot more for its telecoms networks network. This is because viewers increasingly use Internet TV to stream their video content.

($1 = 0.9430 euros)