Big landlord Adler sells thousands of apartments – unknown buyer – economy

In fact, investors are excited by such news: Big companies are waving – and even more are expected to come out than expected. This is exactly what the last badly shaken real estate company of the Adler group reported on Tuesday: a basic deal had been made for the sale of a good 14,300 apartments, mainly in East Germany, the price was more than a billion euros – and therefore above the book value.

Really. Because Adler owed an important piece of information in all of this: who the buyer is. A report from the Luxembourg company simply states that it is a “top investment fund”, while another mentions “one of the largest providers of alternative asset management. “. According to Adler, it was the wish of the business partner not to become more specific. We would have preferred to name him himself, if only to avoid speculation in the first place. The buyer is a well-known name unrelated to the Adler group.

Apparently, this is no longer enough on the stock market. In any case, the enthusiasm was not far off this Tuesday. After a short price jump, the stock immediately lost again and was listed with losses of twelve euros in the afternoon. A year ago the price was just under 30 euros.

The void seems to frighten more than one. The mistrust apparently runs too deep, too much has happened at Adler in recent weeks. After the price almost halved between mid-June and late September, Adler surprisingly announced in early October that he would consider selling much of his housing stock. Shortly after, famous short seller Fraser Perring released one of his reports – peppered with violent accusations: among other things, he accused Adler’s management of inflating the balance sheet and secretly withdrawing from the bank. money from the companies she had bought. Also in the background, according to the allegation, is Austrian real estate entrepreneur Cevdet Caner, who does not appear in any official post at Adler, but pulls all the strings. As was also learned, an anonymous whistleblower had already warned six major banks in March of looming problems with Caner and the Adler Group.

Eight billion euros in debt

Adler immediately dismissed the allegations and Caner also went on the offensive in a number of interviews and pointed out to Perring, among other things, market manipulation. The biggest German owner Vonovia had taken advantage of the crisis of its small rival of S-Dax and obtained a 13.3% call option of Adler in exchange for a loan to Adler’s main shareholder, Aggregate . If Aggregate was unable to repay the money at all, Vonovia would even receive its entire 26.6% block of shares.

Adler announced two weeks ago its first big sale: of the approximately 70,000 apartments in the group, 15,000 are intended for its competitor LEG, valued at just under 1.5 billion euros. With the latest deal, Adler would have a total of 30,000 fewer apartments in his portfolio – and the bottom line would be around $ 1.5 billion.

The money should help reduce the group’s debts by more than eight billion euros. Indeed, the ratio of real estate values ​​/ debt on Adler’s balance sheet has recently been less favorable than that of other real estate companies. With the latest deal, the so-called loan-to-value ratio would now fall below 50%, he said. It also ends the advertised sales. In the future, the activity will focus on the seven largest German cities. However, no acquisitions are planned there at the moment, the company said. You will focus on your own new construction projects.

Related Articles

Back to top button