Germany's Prime Office said on Wednesday it has shelved plans for an initial public offering (IPO) in face of 'volatile market conditions'.

'Prime Office, the selling shareholders as well as the IPO-syndicate banks have decided to put the IPO of the company on hold,' the company said, adding that no shares were allocated to investors who had submitted orders in the course of the public offering.

The company is currently reviewing its available options, it said.

Prime Office planned to list its shares on the Frankfurt and the Munich stock exchanges on 24 June. The move was aimed at converting to a tax-transparent real estate investment trust (REIT) and supporting growth via acquisitions. Unicredit Bank and Berenberg Bank acted as joint global co-ordinators and joint book runners. Kempen & Co and Macquarie were co-lead managers.

The cancellation comes as a blow to the property company which had been considering the move since 2007, when it applied for pre-REIT status.

Prime Office owns a portfolio consisting of 14 office properties comprising 385,000 m2 in major German cities and conurbations and valued at EUR 970 mln.