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 in May, 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 IVG’s core portfolio of around 100 properties as a separate company.
The new company has its headquarters in IVG’s The SQUAIRE at Frankfurt airport.
IVG’s Gherkin tower in London was sold in late 2014 to Brazilian group Safra for around £700m (€773.8m).
IVG called in receivers in April 2014 as part of the German company’s restructuring plan.
