Adler Real Estate sells non core portfolio
Adler Real Estate has agreed on the sale of the remaining 1,400 rental units of its non-core-portfolio with an unnamed “institutional real estate investor”. The price corresponds to the book value of €61.5mn with a vacancy rate of 31 % and average rents of €4.52/sqm. Most of the apartments are located in North Rhine-Westphalia (40 %), Saxony (22 %) and Lower Saxony (21 %). Adler will continue on as asset manager for these properties. Sale proceeds will be used to repay debts. The sale of 2,318 units of the non-core portfolio for €115mn to a joint venture with Benson Elliot, which was announced in April, is close to being finalized and expected before the end of the year.
Subscribers to our premium service have access to this article in full as well as to an additional 510,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.
TD Premium is Germany’s leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.