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UPDATE 1-IVG Immobilien prepares OfficeFirst for Frankfurt IPO

(Adds details about OfficeFirst portfolio, background)

FRANKFURT, Sept 15 Real estate company IVG will list its core activities after negotiations about a sale of its office portfolio to private equity firm Blackstone collapsed, two sources familiar with the matter told Reuters.

One person, who declined to be identified, said the group of hedge funds that owns IVG had turned down Blackstone's offer of about 3.3 billion euros ($3.7 billion) for the asset, named OfficeFirst.

IVG's supervisory board was meeting on Thursday to finalise the decision, the other person said.

OfficeFirst manages a commercial property portfolio worth 3.25 billion euros, the bulk of IVG's assets, including The Squaire office development at Frankfurt airport.

IVG went through insolvency proceedings in 2013 after cost overruns at its Squaire premises made debt levels unsustainable.

OfficeFirst and IVG's owners - funds including York Capital, Anchorage and Davidson Kempner - would be looking for proceeds of between 700 and 900 million euros from an initial public offering (IPO), two sources told Reuters last month.

OfficeFirst is looking for a stock market valuation of about 1.5 billion euros, the sources said at the time.

Since a revaluation of OfficeFirst's properties in late 2015, its current enterprise value stands at 3.25 billion euros, with equity accounting for about 1.25 billion euros and debt for the rest. ($1 = 0.8900 euros) (Reporting by Kathrin Jones and Arno Schuetze; writing by Harro ten Wolde; editing by David Clarke)

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