IVG has sold its OfficeFirst portfolio to Blackstone for about €3.3bn after cancelling its IPO last month.
The company announced its intention to float the portfolio of 97 German offices in September with an equity offer of about €800m. It was later postponed due to market fears.
Blackstone, which had been eyeing the portfolio before the intention to float, made an offer that reflected OfficeFirst’s €1.3bn NAV and €2bn of debt.
IVG chief executive Dietmar Binkowska, said: “In Blackstone, OfficeFirst gains an owner and partner ideally suited to driving forward the strategic development of the business for the good of the company.”
The IPO was set to be continental Europe’s biggest real estate listing of the year and would have created Germany’s second listed office specialist.
Blackstone bought all the shares in the OfficeFirst portfolio in the deal.
• From October: OfficeFirst drops IPO
• From October: IVG offshoot OfficeFirst to go public with €800m equity offer
• From September: Blackstone bid could derail OfficeFirst IPO
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