US asset management giant Blackstone announced on Monday that it will open a new office in Frankfurt, Germany, in a move it says underscores its faith in the German market.
The group is taking a 1,300 m2 lease in Commerz Real’s Omniturm in Frankfurt’s financial district for the new office, which will house professionals across Blackstone’s private equity, real estate, and credit businesses. In addition, it will provide a hub for Blackstone’s private wealth solutions business, which serves investment professionals and individual investors across Europe.
Juergen Pinker, senior managing director, will lead on Private Equity, with Jurij Puth, senior managing director, leading on Credit.
Blackstone has been an active and significant investor in Germany for more than two decades, with more than €17 bn of transactions closed so far in Germany.
The opening of the new office in Frankfurt highlights Blackstone’s conviction on Germany, and its plan to build on its success and expand its activity in the German market going forward, the company said in a statement.
Jon Gray, President and COO of Blackstone, said: ‘We are very excited to be opening a new office in Frankfurt, and to be expanding our presence in Germany. Germany is an economic powerhouse, a great country to do business in and we look forward to investing here for a long time to come.’
Current Blackstone investments in Germany include Leica and Schenck Process. In the past, the firm invested in Scout24, Gerresheimer, as well as Meerwind, the first privately financed offshore wind farm in Germany.
The firm also has significant investments in German real estate, particularly logistics assets and commercial real estate where the firm’s current investments total nearly €7 bn of equity. Notable examples include the Messeturm in Frankfurt as well as the Sumatrakontor in Hamburg’s HafenCity.
Through its credit business, Blackstone has provided financing of €5.6 bn in the DACH region, including for TK Elevator, formerly part of ThyssenKrupp.