Adler seeks partial sale of Brack Capital Properties

Construction site of Adler Real Estate in Berlin

The real estate group is also still looking for a buyer for 3,500 apartments in Berlin.

(Photo: Stefan Boness / VISUM)

Dusseldorf, Frankfurt The badly hit real estate group Adler is aiming to sell apartments belonging to its group company Brack Capital Properties in order to improve its liquidity position. According to financial sources, Adler is in talks to sell the BCP property in the Leipzig area, which is worth around EUR 400 million. Adler hopes to conclude a contract with a financial investor in the next few weeks, as several people familiar with the transaction said. The negotiations could also fail.

Adler’s originally planned sale of a majority stake in the listed BCP finally failed in August. Industry competitor LEG Immobilien refrained from exercising its takeover option at the time. At the end of last year, LEG acquired 31 percent of the BCP shares and an option for the majority. Adler had hoped for proceeds of EUR 768 million from the planned deal with LEG. The money was already planned.

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