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German real estate landlord IVG Immobilien AG is planning an IPO for its office unit OfficeFirst—which owns roughly $3.7B of real estate—toward the end of this year.
The IPO will include OfficeFirst's shares worth €450M in addition to IVG-owned stock, the company announced Friday. Proceeds from the sale will go toward transforming IVG into a REIT and paying off debt.
IVG previously sought to sell OfficeFirst after being taken over by creditors in 2014, and Blackstone Group made an offer, Bloomberg reports. OfficeFirst’s largest asset is its Squaire office (pictured) and hotel at the Frankfurt airport, known for its ship-like design. And the world’s largest private equity firm also owns Frankfurt towers, including Germany’s second-tallest skyscraper—the Messeturm. [Bloomberg]
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