EQS-News: Adler Group S.A. announces the sale of a Mannheim-based development portfolio

PRESS RELEASE

 

Adler Group S. A. announces the sale of a Mannheim-based development portfolio

 

 

Luxembourg, 8 September 2023 – Adler Group S. A. (“Adler Group”) today announced the notarization of the sale of the so called “Mannheim No.1” development portfolio located in Mannheim, in the southern German state Baden-Wuerttemberg. The closing of the transaction is expected within the 4th quarter of 2023 subject to market standard closing conditions.

Consus Real Estate AG, a subsidiary of Adler Group, has sold its respective assets to FONDSGRUND Investment, an investment and asset management company based in Hamburg. The Mannheim No.1 mixed-use building is adjacent to the main railway station in Mannheim and mainly for commercial use. The recently developed project consists of a lettable area of around 19 thousand sqm.

The transaction, signed in September, generates net proceeds of approximately €70 million for the Adler Group. The selling price reflects a discount of around 10% to the valuation (GAV) of the portfolio as of 30 June 2023. “We consider the sale of Mannheim No.1 as another milestone in our strategy of further deleveraging our Company as well as focusing on Berlin-based rental portfolios”, says Thierry Beaudemoulin, CEO of Adler Group.

The transaction contributes to the stated goal of further deleveraging the group in 2023 and beyond.

 

Contact:

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