Adler Group S.A. (0RA1.IL)

German landlord Adler Group devalues portfolio by one billion euros

(Reuters) -German real estate firm Adler Group on Tuesday said it had devalued its real estate portfolio by 1 billion euros ($1.08 billion) after its losses deepened in the first half on rising interest rates. The company posted a January-June loss of one billion euros, widening from a loss of 604 million euros a year earlier. Adler, one of Germany's biggest landlords, is fighting a liquidity crisis, triggered by a downturn in the domestic property market, rising energy and building prices caused by Russia's invasion of Ukraine and the fallout from the COVID-19 pandemic.