DGAP-News: Adler Group S.A. / Key word(s): Disposal
Adler Group S.A. sells 30,000 sqm office development project in Frankfurt's banking district and moves forward with corporate strategy
Berlin, 20 July 2021 - Adler Group is pleased to announce the sale of a larger office development project, part of our upfront sales of build-to-sell development pipeline, in a prime location in the financial metropolis of Frankfurt for €185 million at book value. The sale follows the previously announced corporate strategy of focusing on the core business of residential real estate and thus making an important contribution to reducing the housing shortage in Germany.
This transaction further underscores Adler Group's future build out of the build-to-hold development portfolio, helps to streamline the Group's portfolio with focus on residential real estate and further strengthens the balance sheet. Proceeds are expected to be received in Q4 2021 and will be used to further reduce debt, in line with the Group's de-levering strategy. Adler Group buys, builds, holds and manages residential real estate and is at the same time a reliable partner for municipalities and investors along the entire value chain - from real estate development and rental to long-term management.
The gutted existing property with 13 floors and currently 30,000 square meters of floor space in Mainzer Landstrasse 23 in the attractive Frankfurt banking district was sold to CV Real Estate AG, the Munich-based project developer.
"The successful sale constitutes the next milestone in the course of the restructuring of the Adler Group into a fully integrated residential real estate company" says Thierry Beaudemoulin, Co-CEO of the Adler Group.
20.07.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Adler Group S.A.
+352 278 456 710
+352 203 015 00
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