Blackstone Completes Acquisition of OfficeFirst
Frankfurt, March 31, 2017 – OfficeFirst Immobilien AG (“OfficeFirst”), a leading German real estate investor and manager, announces that European real estate funds managed by Blackstone have completed the acquisition of the company.
Concentrated in Germany’s top six cities, OfficeFirst owns a highâ€quality 100â€asset portfolio of around 1.5 million square metres, more than 90% of which are located in Frankfurt, Munich, Hamburg, Stuttgart, Dusseldorf and Berlin.
Concurrent with the closing of the transaction, OfficeFirst also announces that Guido Piñol and Jonas Kriebel have been appointed to the management board, with Guido Piñol becoming CEO. Before co-founding the investment management firm, QUINCAP Investment, in 2014 with Jonas Kriebel, Guido Piñol served as a Member of the Management Board of IVG Immobilien AG. Previously, he served as Managing Director of Fortress Investment Group in Germany and held leadership positions with CBRE and JLL.
Michiel Jaski, Oliver Priggemeyer and Fabian John, respectively the current CEO, COO and CFO, have each decided to leave the company, and OfficeFirst would like to extend its deep appreciation for their dedication and achievements.
Anthony Myers, Blackstone’s Head of Real Estate Europe, said:
”Blackstone will work with OfficeFirst to support the company’s continued growth and focus on value maximising strategies across the portfolio. 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.”
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $102 billion in investor capital under management. Blackstone’s real estate portfolio includes office, retail, industrial, hotel, and residential properties in the US, Europe, Asia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics) and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust.
Blackstone’s German real estate portfolio is made up of high quality office assets and includes prominent assets such as the Messeturm and Pollux skyscrapers in Frankfurt, Treptowers in Berlin, the Sumatrakontor in Hamburg, as well as the Loopsite office complex in Munich.
Contact:
Andrew Dowler
Blackstone
+44 20 7451 4275
[email protected]