DO Deutsche Office emerges from Prime Office and OCM

It has been earmarked for some time, but the former German listed property group and REIT Prime Office has officially been re-named as DO Deutsche Office after its merger with OCM, moving its headquarters to the city of Cologne in the Rhineland from the Bavarian capital Munich.

The group said the new name was registered earlier this month but the Deutsche Office share continues to be traded in the Prime Standard of the Frankfurt stock exchange under stock market symbol PMOX. The re-branding followed a merger with OCM German Real Estate Holding, an affiliate of US-based private equity fund Oak Tree. “The new name Deutsche Office stands for a leading office property company that focuses on return-oriented growth in German metropolitan regions,“ DO said in a release. The decision on the name change was made at the annual meeting of Prime Office on 20 May where 99.9 % of the shareholders voted in favour.

Deutsche Office at 31 March owned a geographically diversified real estate portfolio containing 57 properties with a total rentable space of about 950,000 sq.m. and an attractive and broad tenant base, it said. As at 31 March, the portfolio had a total market value of about €1.9bn. The group‘s model is based on the return-oriented management of assets and particularly of office properties – “complemented by the selective pursuit of value-add investments and attractive buying opportunities in locations with a proven track record of significant value increases.“