The real estate group Adler is in a crisis.
(Photo: imago images/Achille Abboud)
Dusseldorf, Berlin Doubts about the balance sheets of the troubled real estate group Adler have reached a new dimension. The financial regulator Bafin sees three other accounting errors, some of them serious, in the 2019 annual financial statements of the subsidiary Adler Real Estate. Among other things, it accuses the group of illegal consolidation of the company Ado Properties, which has been merged with Adler.
“The consolidated balance sheet total was 3.9 billion euros and the overall result was 543 million euros too high,” Bafin said in a press release. The highly indebted Adler Group announced that it would appeal against the Bafin decision.
The core of the notice is about the merger that gave rise to the Adler Group in its current form. In 2019, the Berlin company Adler Real Estate, the Luxembourg company Ado Properties and the project developer Consus merged. This created the fifth largest German housing group with a portfolio of 70,000 rental apartments with a value of 8.5 billion euros.
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