Setback for real estate group Adler: deal with LEG collapsed

construction site

The property in Düsseldorf’s Glasmacherviertel was part of the portfolio of the Adler subsidiary Brack Capital Partners.

(Photo: Verfürden/Handelsblatt)

Dusseldorf The second bad news for the ailing real estate group Adler Group this week came at 7:47 p.m. on Wednesday evening. Competitor LEG Immobilien announced in an ad hoc announcement that it would not be buying a majority stake in Adler subsidiary Brack Capital Properties (BCP).

LEG announced that the option would “definitely not be used”. The housing company holds a 35 percent stake in BCP, and an option for a further 63 percent in the Dutch housing company ran until the end of September. This plays an important role in the Adler Group’s sales plans – the deal should have brought in 768 million euros.

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