Adler subsidiary asks shareholders for blank power of attorney for the sale of apartments

Graffiti on apartments by Adler Real Estate in Berlin

The property portfolio of the Adler real estate group has shrunk significantly in the past twelve months. The company has high debts.

(Photo: imago images/Olaf Schuelke)

Dusseldorf, Berlin When Adler Real Estate AG published its invitation to the Annual General Meeting at the end of August on Wednesday, shareholders were amazed. The board of directors asks them for authorization to sell almost all of the real estate company’s existing apartments. The management plans to sell up to 22,301 of 23,475 residential and commercial units, explain the board members Thierry Beaudemoulin and Sven-Christian Frank in an attached report.

The board of directors intends to use the proceeds to reduce debt. “The potential transaction should lead in particular to the repayment of liabilities and thus to a reduction in the level of indebtedness,” it said. In view of the possible massive reduction in assets, the Management Board emphasizes at the same time “that this authorization resolution does not relate to the liquidation or dissolution of the company”.

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