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DO Deutsche Office mulling limited partnership transformation

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DO Deutsche Office mulling limited partnership transformation

DO DeutscheOffice AG is mulling conversion into a limited partnership.

The company said in its first-quarter interim statement thatit is considering a GmbH & Co. KG conversion, which will mean it will no longerbe listed for trading.

The company's supervisory board has already approved aproposal to prepare for the transformation, and a resolution is expected to beadopted at its annual general meeting, subject to final approval from theexecutive and supervisory board.

The company will not pay a dividend as it closed with a €79million consolidated loss in 2015.

The company fully repaid a €332 million loan in February.The refinancing was made through a shareholder loan from . Further, thecompany signed another €315 million loan facility with its controllingshareholder, alstria Office.

DO Deutsche Office posted a consolidated net profit of €10.8million in the first quarter, compared with €11.7 million in the year-agoperiod. FFO increased from €12.0 million in the year-ago period to €15.6million for the first quarter. The increased FFO was attributed torestructuring measures after its takeoverby alstria, according to the news release.

The group confirmed an FFO of at least €60 million for thefull year, based on its current portfolio, and also confirmed an annual rentalrevenue forecast of €108 million.