The public prosecutor’s office has also targeted the Adler shops in Düsseldorf’s glassmaking district.
(Photo: Verfürden/Handelsblatt)
Dusseldorf, Berlin The bad news for the stricken real estate group Adler Group does not stop. According to the Federal Financial Supervisory Authority Bafin, the subsidiary Adler Real Estate presented incorrect consolidated financial statements as of December 31, 2019. This was announced by the authority on Monday.
Accordingly, the German subsidiary of the Luxembourg-based real estate group has incorrectly evaluated a major construction project – a maximum of almost a quarter of a billion euros too high. This is the first result of a balance sheet control procedure that Bafin is currently carrying out at the Adler subsidiary.
“The ‘Glasmacherviertel’ real estate project in Düsseldorf-Gerresheim was valued at 375 million euros and was therefore overvalued by at least 170 million euros and a maximum of 233 million euros,” Bafin announced on Monday. When valuing the Gerresheim site, Adler used a property value that, as of the reporting date, was not representative of the price that could have been achieved in an “orderly transaction” between market participants for the sale.
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