Prestige project “VauVau”: Unused commercial properties in metropolitan areas should be converted into “space-optimized” living space.
(Photo: Eicke Becker Architects)
Düsseldorf, Berlin A real estate deal worth 670 million euros for the Adler Group has failed. The group has let the law firm White & Case reverse several projects from the sale of the “VauVau” portfolio. This emerges from a document that is available to the Handelsblatt.
In the April letter, Adler gave four lawyers the power of attorney to agree and carry out “the reversal of the land purchase contracts with construction obligation and relinquishment”. “VauVau” projects in Cologne, Leipzig, Düsseldorf and Offenbach were affected.
Adler has been under pressure for months because of its high debt and therefore wants to sell more than half of its 70,000 apartments. The sale of 15,000 apartments to competitor LEG has been completed, and Adler is still planning to part with another 27,000.
Instead, the group plans to concentrate more on project developments in top German cities in the future. Against this background, the failure of the prestige concept “VauVau” raises all the more questions.
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