Glasmacherviertel in Düsseldorf: The property belongs to the portfolio of the subsidiary Brack Capital Partners.
(Photo: Verfürden/Handelsblatt)
Dusseldorf
Troubled real estate giant Adler Group has faced a setback in reducing its debt. The planned sale of a 63 percent stake in the subsidiary Brack Capital Properties (BCP) to industry colleague LEG does not materialize. On Wednesday evening, he announced that he would not submit a public takeover bid for the BCP shares.
According to its own statements, LEG will finally not make use of the agreement concluded with the subsidiary Adler Real Estate of December 1, 2021 “with the obligation to deliver 63 percent of the shares in BCP in the event of a public purchase offer by LEG for BCP”.
At that time, LEG bought a 31 percent stake in BCP for EUR 328 million in a first step. A package of almost seven percent for 75 million euros came directly from the Adler Group, the remaining 24 percent came from other investors.
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