Blackstone to buy German property group

Frankfurt

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 (S$5.1 billion).