Adler Group S.A.: announces the sale of two Frankfurt-based development projects
DGAP-News: Adler Group S.A. / Key word(s): Disposal
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.
|Company:||Adler Group S.A.|
|55, Allée Scheffer|
|Phone:||+352 278 456 710|
|Fax:||+352 203 015 00|
|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|
|EQS News ID:||1417927|
|End of News||DGAP News Service|