12 Dec '16, 7am

New post added at LushHomeMedia - Blackstone to buy German property group OfficeFirst Immobilien

Blackstone is to buy OfficeFirst Immobilien from IVG Immobilien AG, ending months of talks over a potential sale or stock market listing of the German property company. Both sides did not comment on the price, but three people familiar with the process said Blackstone was paying around 22 euros per share, which, including debt, gives the deal an enterprise value of 3.3 billion euros (US$3.65 billion). In September, Reuters reported that talks between buyout group Blackstone and IVG over a potential 3.3 billion euro deal for OfficeFirst had broken down and that IVG was looking at a stock market flotation. But a first attempt last month to list OfficeFirst failed as not enough buyers were willing to pay the 21 to 23 euros per share bankers were seeking in what would have been the second-biggest market listing in Germany this year. It is rare for multi-billion euro property p...

Full article: http://www.lushhomemedia.com/manage_posts/2016/11/08/blac...

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