Blackstone Buys German Property Group
- Apr 04, 2017
Blackstone completed the acquisition of OfficeFirst Immobilien AG, a German real estate investor and manager. OfficeFirst owns a 100-asset portfolio in Germany’s top six cities of Frankfurt, Munich, Hamburg, Stuttgart, Dusseldorf and Berlin, totaling around 16 million square feet.
In addition to the acquisition, OfficeFirst appointed Guido Pinol and Jonas Kriebel to the management board, with Pinol becoming the new CEO. Michiel Jaski, Oliver Priggemeyer and Fabian John, respectively the current CEO, COO and CFO, decided to leave the company.
”Blackstone will work with OfficeFirst to support the company’s continued growth and focus on value maximizing strategies across the portfolio,” said Blackstone’s Head of Real Estate Europe Anthony Myers, in prepared remarks. “We will continue to deploy capital in Germany’s most dynamic gateway cities across the commercial and residential real estate sectors, making use of the breadth of skills and expertise at OfficeFirst.”
Image courtesy of Blackstone