Consus has long been considered the problem child of the Adler Group. Numerous standstill new construction projects are located in this branch of the company, including the high-rise buildings Steglitzer Kreisel in Berlin.
(Photo: Nagel/Handelsblatt)
Dusseldorf, Berlin The financial development of the real estate group Adler Group remains dramatic: the balance sheet equity of the parent company in Luxembourg has been depleted. At the end of 2022, “based on the current calculations”, it was minus 300 million euros. The group announced this on Friday.
With the expected loss, the legal situation forces the stock corporation to convene a general meeting within two months. Adler emphasized that despite the negative equity, there was “no over-indebtedness”. Taking into account “existing hidden reserves”, the net asset value is “clearly positive”. The company refers to the international accounting regulations IFRS.
Adler rents out more than 25,000 apartments in Germany, and the group also owns numerous construction sites and development projects. The highly indebted group has been going through an existential crisis for the past year.
Just over a week ago, the High Court in London gave the go-ahead for a complex restructuring plan which, among other things, provides for creditors to lend the group an additional EUR 940 million.
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