For the existing portfolio with around 1,400 residential units in Berlin and a market value of 326 million euros at the end of March, taking into account minority interests, financial liabilities and deferred taxes, around 275 million euros will flow, as ADLER announced on Friday evening. “The transaction is against the background of the optimization of processes and structures within the Adler Group”, which, according to the allegations of a short seller, is currently working on improving its transparency and corporate governance.
The financial regulator Bafin has been examining Adler’s books for a while. The authority intervened after the real estate company was put under pressure by short seller Fraser Perring for the first time in October. This and his research service Viceroy had raised serious allegations against Adler, which included the valuation of real estate projects. The company had always rejected the allegations.
On Thursday, the Adler Group announced that it intended to squeeze out the minority shareholders of Adler Real Estate in exchange for a cash settlement. The subsidiary, in which the group currently holds 96.7 percent, is then to be taken off the stock exchange.
LUXEMBOURG (dpa-AFX)
Leverage must be between 2 and 20
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Image sources: ADLER Group