Blackstone completes acquisition of OfficeFirst
OfficeFirst Immobilien AG (“OfficeFirst”), a leading German real estate investor and manager, announces that European real estate funds managed by Blackstone have completed the €3.3 bln acquisition of the company.
Concentrated in Germany’s top six cities, OfficeFirst owns a high‐quality 100‐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.”