Nov
10
Blackstone to Pay Hefty Price for OfficeFirst Immobilien
ByAfter turning down a previous offer from Blackstone earlier this fall, IVG Immobilien AG has agreed to sell its office subsidiary for $3.65 billion.
Dietmar Binkowska
London and Frankfurt—After scuttling an initial public offering and a previous offer by private equity giant Blackstone this fall, Germany’s IVG Immobilien AG has agreed to sell OfficeFirst to Blackstone in a move that will expand the firm’s German holdings in the country’s biggest cities.
OfficeFirst was formed earlier this year by IVG to hold mostly office properties. The company’s portfolio comprises roughly 15.1 million square feet of assets in six cities—Frankfurt, Berlin, Hamburg, Stuttgart, Dusseldorf and Munich. Blackstone already owns about 4.3 million square feet of high-quality assets in all of those cities except Stuttgart…
