Hamburg-based Alstria Office is planning to sell shares in an initial public offer (IPO) on the Frankfurt stock market before the summer, the company said. Alstria is seeking to expand its portfolio significantly in the upcoming years and said it will invest between EUR 500-750 mln in property over the next three years.

Hamburg-based Alstria Office is planning to sell shares in an initial public offer (IPO) on the Frankfurt stock market before the summer, the company said. Alstria is seeking to expand its portfolio significantly in the upcoming years and said it will invest between EUR 500-750 mln in property over the next three years.

Founded in January 2006 by a subsidiary of Captiva Capital Partners 2 SCA, Alstria said the IPO would make it easier for the company to eventually convert into a real estate investment trust (REIT) after the German government passes final legislation over REITs. 'The listing may position Alstria to be among the first movers to take advantage of any implementation of REIT legislation in Germany. Whilst no definitive REIT legislation exists today, we are closely monitoring the situation in order to determine if a conversion would be appropriate,' ceo Olivier Elamine said. Alstria owns 71 properties valued at EUR 1.6bn.

Germany is expected to introduce its G-REIT in April 2007.