Blackstone, the leading American private equity firm has recently acquired one of the largest portfolios of office real estate in Germany, OfficeFirst, which is organized in 97 properties. Earlier, when Blackstone tried to offer a discussion for acquiring OfficeFirst, it didn’t turn out to be fruitful.
OfficeFirst is popular for its large portfolios of office properties in Germany. The business verticals of OfficeFirst range from purchase, profitable management & solutions to market demands. The properties held by OfficeFirst are located in top 6 locations (Frankfurt, Berlin, Hamburg, Munich, Stuttgart & Dusseldorf) for office buildings in Germany & are estimated to be valued at 3.2 billion euros.
The head of European Real Estate at Blackstone, Anthony Myers expressed happiness after making a successful possession in Germany. “Blackstone is always in search of top-quality assets & OfficeFirst has always been our first choice”, he said in an interview.
Michiel Jiski, Chairman of the Management Board & CEO of OfficeFirst Immobilien AG, in a leading news report revealed the success story. He said “Positive reaction from financial specialists in over 100 talks to company’s plan of action affirmed the faith in the estimation of the OfficeFirst properties.
Also, he expressed his concerns about how hypercompetitive market environment is becoming dreary, which can make it difficult to get the right price.