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After scrapping IPO, OfficeFirst finds home with Blackstone

Nov 08, 2016 - The Deal Pipeline

New York private equity giant Blackstone Group LP (BX) announced an agreement on Tuesday, Nov. 8, to acquire German property group OfficeFirst Immobilien AG from financial holding group IVG Immobilien AG.

The terms of the agreement were not disclosed, but a person familiar with the situation confirmed that Blackstone Real Estate Partners Europe IV will pay around €22 per share for the business, implying an enterprise value of €3.65 billion ($4 billion).

According to IVG, ...