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.
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