Apartments are to be sold to reduce debt.
(Photo: imago images/IPON)
Dusseldorf A group of shareholders of Adler Real Estate AG has initiated legal proceedings against its majority shareholder Adler Group SA in order to prevent the planned sale of almost all of the group’s apartments, according to the Bloomberg news agency, citing informed circles.
Accordingly, the shareholders filed a lawsuit at the Berlin Regional Court at the end of September, with which they want to block a possible sale of up to 95 percent of Adler Real Estate’s assets. The group of shareholders has mandated the Munich law firm Martius. Investors fear they could be deprived of access to assets and cash.
The entire Adler Group has a total of more than 7.5 billion euros in debt. The company, which is listed on the SDax, wants to reduce these in the coming months, primarily through sales from the portfolios of subsidiaries such as Adler Real Estate or Consus Real Estate.
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