Blackstone could derail the IPO of Officefirst, the €3bn (£2.5bn) German office division of IVG.
IVG kicked off a process to list the portfolio of around 100 buildings, the most valuable of which is The Squaire at Frankfurt Airport (pictured), in July but the private equity firm has now weighed in with a bid that could prevent a listing.
IVG’s consortium of hedge fund owners is looking to cash in on a €2.1bn debt-for-equity swap undertaken in 2013 that saw the company exit an insolvency process. A sale to Blackstone would allow the funds to exit in one swift process as opposed to having to continue to hold some shares if the Officefirst portfolio were listed.
A decision on whether to accept the Blackstone offer or proceed with the listing is expected later this month.
• To send feedback, e-mail david.hatcher@estatesgazette.com or tweet @hatcherdavid or @estatesgazette
