There has been little progress on the construction site of the Adler Group Steglitzer Kreisel in Berlin for months.
(Photo: Nagel/Handelsblatt)
Dusseldorf, Berlin The badly hit real estate group Adler continues to shrink and sees its future as a niche provider in Berlin. The group has “adjusted its strategy”, which envisages a transition to a “portfolio anchored exclusively in Berlin”. The group announced this on Tuesday when it published its business figures for the third quarter. In addition, only selected construction projects are to be developed and capital expenditures are to be limited, according to Adler.
The shrinking process of what was once the sixth-largest German landlord with more than 70,000 apartments is in full swing. The gross asset value of the existing portfolio at the end of the third quarter was only 5.3 billion euros – at the end of 2021 it was still 7.9 billion euros. The one-third decrease was mainly due to “disposal of assets.” In addition, the participation in a subsidiary is intended for sale. Adler currently owns around 26,000 apartments.
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