⁍ German real estate group Omonia Office has shelved plans for a flotation in response to decreased demand for office property.

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⁍ The company had aimed to raise proceeds of 400 million euros ($473 million)
The shares of rival Alstria Office have lost about a third of their value since the beginning of the year.

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– Germany’s Omonia Office planned to go public this year in what would have been the country’s first real estate IPO since the 2008 financial crisis, but the real estate company has backed out of the plan, sources tell Reuters. The company, which planned to raise $473 million with the IPO, said it decided to delay the IPO because demand for office space in the wake of the H1N1 pandemic and high stock market volatility has made it difficult for it to find suitable office space, the sources say.