Adler Group S.A.: announces the sale of two Frankfurt-based development projects
August 11, 2022 at 01:05 am EDT
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DGAP-News: Adler Group S.A.
/ Key word(s): Disposal
Adler Group S.A.: announces the sale of two Frankfurt-based development projects
11.08.2022 / 07:00
The issuer is solely responsible for the content of this announcement.
Adler Group S.A. announces the sale of two Frankfurt-based development projects
Luxembourg, 11 August 2022 – Adler Group S.A. (“Adler Group”) today announced the completed sale of the development projects Ostend Quartier and Westend Ensemble – Upper West – Lea B, both located in Frankfurt am Main. Both projects were formerly owned by Adler Group’s subsidiary Consus Real Estate AG. The two projects were sold in separate transactions to institutional investors. Both transactions closed in August and the combined cash proceeds of c. € 166 m have been received. The project debt including interest in the amount of € 65 m related to one transaction was fully repaid.
In a challenging market environment, Adler Group sold these projects with a combined discount to Gross Asset Value (GAV) as per 31 December 2021 of around 13.6%. It underscores Adler Group’s ability of delivering on its pledge of further improving its liquidity position in 2022 and beyond.
Contact
Investor Relations:
T +352 278 456 710
F +352 203 015 00
E investorrelations@adler-group.com
11.08.2022 Dissemination of a Corporate News, transmitted by DGAP - 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
L-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:
SDAX, 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.