American alternative asset manager Blackstone is set to enhance its footprint in Germany by opening a new office in Frankfurt.

To be situated in the OMNITURM in Frankfurt’s financial district, the proposed flagship branch will act as a centre for the firm in Germany.

The Frankfurt office will accommodate professionals from Blackstone’s private equity, real estate, and credit operations.

It will also support the company’s private wealth solutions business that caters to investment professionals and individual investors throughout Europe.

The new office’s private equity and credit teams will be led by Blackstone’s senior managing directors Juergen Pinker and Jurij Puth, respectively.

The firm’s portfolio companies in Germany currently employ a workforce of over 7,000 people.

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Blackstone president and COO Jon Gray 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.”

Blackstone has so far facilitated over €17bn worth of transactions in Germany.

The company has also made major investments in German real estate industry, especially logistics assets and commercial real estate sector.

The latest announcement follows a Reuters report that stated that Blackstone was eying to divest around 50% of its stake in Indian real estate investment trust (REIT) Embassy Office Parks to Bain Capital for approximately $480m.