News
National Office

Instead Of Selling, IVG To Hold IPO For $3.7B OfficeFirst

Squaire frankfurt
Photo credit: Wikimedia/ Simsalabimbam

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]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme