Adler Group S.A. announces the sale of a Mannheim-based development portfolio
September 08, 2023 at 03:02 am EDT
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EQS-News: Adler Group S.A.
/ Key word(s): Disposal
Adler Group S.A. announces the sale of a Mannheim-based development portfolio
08.09.2023 / 09:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
Adler Group S. A. announces the sale of a Mannheim-based development portfolio
Luxembourg, 8 September 2023 – Adler Group S. A. (“Adler Group”) today announced the notarization of the sale of the so called “Mannheim No.1” development portfolio located in Mannheim, in the southern German state Baden-Wuerttemberg. The closing of the transaction is expected within the 4th quarter of 2023 subject to market standard closing conditions.
Consus Real Estate AG, a subsidiary of Adler Group, has sold its respective assets to FONDSGRUND Investment, an investment and asset management company based in Hamburg. The Mannheim No.1 mixed-use building is adjacent to the main railway station in Mannheim and mainly for commercial use. The recently developed project consists of a lettable area of around 19 thousand sqm.
The transaction, signed in September, generates net proceeds of approximately €70 million for the Adler Group. The selling price reflects a discount of around 10% to the valuation (GAV) of the portfolio as of 30 June 2023. “We consider the sale of Mannheim No.1 as another milestone in our strategy of further deleveraging our Company as well as focusing on Berlin-based rental portfolios”, says Thierry Beaudemoulin, CEO of Adler Group.
The transaction contributes to the stated goal of further deleveraging the group in 2023 and beyond.
Contact:
Investor Relations:
T +352 278 456 710
F +352 203 015 00
E investorrelations@adler-group.com
08.09.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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Language:
English
Company:
Adler Group S.A.
55 Allée Scheffer
2520 Luxembourg
Luxemburg
Phone:
+352 278 456 710
Fax:
+352 203 015 00
E-mail:
investorrelations@adler-group.com
Internet:
www.adler-group.com
ISIN:
LU1250154413
WKN:
A14U78
Indices:
FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX
Adler Group SA, formerly known as ADO Properties, is a Luxembourg-based real estate company. The Company operates in Germany, in the residential real estate field with approximately 70,000 residential units, and a development pipeline of approximately 10,000 new flats in Germany. The Company focuses on asset and portfolio management, property and facility management and developing residential properties throughout Germany. The Company operates through two business segments: Residential property management and development. Residential property management offers renting and managing residential properties, the management of tenancy agreements and marketing of residential units with the focus on optimization of rental income. The development side of the business splits into build-to-sell projects and build-to-hold projects.