Bilfinger Berger, the German construction and property services group, is preparing an initial public offering of its Australian unit in an issue that could raise between A$1bn and A$1.5bn (US$1.39bn).

Bilfinger Berger Australia, which has forecast full-year sales of A$4.7bn, is expected to conduct a beauty parade of investment bankers shortly before appointing financial advisors to work on a 2010 flotation.