IVG Immobilien has shelved plans to list its OfficeFirst subsidiary, citing market conditions.
The German manager was looking to float €888m of shares in OfficeFirst, which holds a €3.2bn portfolio.
The listing on the Frankfurt Stock Exchange was due to have taken place this Friday.
IVG created OfficeFirst , appointing Michiel Jaski as the subsidiary’s chief executive.
Jaski said a bleaker market environment meant a fair price would be hard to attain for the listing.
The office portfolio was worth around €3.2bn at the end of last year.
The move was part of an ongoing separation of ±õ³Õ³Ò’s&²Ô²ú²õ±è;core portfolio of around 100 properties as a separate company.
The new company has its headquarters in IVG’s The SQUAIRE at Frankfurt airport.
±õ³Õ³Ò’s&²Ô²ú²õ±è; tower in London was sold in to Brazilian group Safra for around £700m (€773.8m).
IVG called in receivers in as part of the German company’s restructuring plan.
