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ADLER REAL ESTATE AG (FRA:ADL) ADLER Real Estate AG successfully disposed of c.1,400 residential units of its non-core residential portfolio

Directive transparence : information réglementée

17/12/2018 15:39

DGAP-News: ADLER Real Estate AG / Key word(s): Disposal/Real Estate
ADLER Real Estate AG successfully disposed of c.1,400 residential units of its non-core residential portfolio

17.12.2018 / 15:39
The issuer is solely responsible for the content of this announcement.


 

ADLER Real Estate AG successfully disposed of c.1,400 residential units of its non-core residential portfolio

- Successful sale of EUR 61.5m of Gross Asset Value relating to c.1,400 units classed as non-core with a 31% vacancy rate and an average rent of 4.52 EUR/sqm/month

- Assets sold at book value to specialist property investors

- Disposal in line with ADLER's de-levering strategy, leading to LTV and operational improvement

 

Berlin, 17 December 2018 - ADLER signed a binding sale and purchase agreement to dispose of c.1,400 residential units of its non-core portfolio. These assets are currently valued at EUR 61.5m, have a 31% vacancy rate with an average rent of 4.52 EUR/sqm/month and are being sold at book value. Residential units are mainly located in NRW (40%), Saxony (22%), and Lower Saxony (21%).

ADLER shall maintain the role of asset management. The use of proceeds will include debt repayment in line with the ongoing deleveraging commitments.

With this disposal, ADLER has achieved one of the major stepping stones of its long-term strategy to improve operational and financial performance.

The disposal of the remaining 2,318 residential units relating to JV with Benson Elliot announced earlier this year is in its closing stages and is on target to be executed, as planned before year end. A press release will follow upon signing.

Tomas de Vargas Machuca ADLER's Co-CEO said: "The disposal of our non-core residential units is a key milestone towards achieving our year end goals and fulfilling what was announced to investors earlier this year. We have worked relentlessly to ensure we could achieve this by FY 2018 and will continue to do so in order to ensure the remaining non-core assets can be sold to Benson Elliott Capital Management, within the year as well."

Maximilian Rienecker, Co-CEO of ADLER Real Estate AG added: "At the end of the year, ADLER will have further improved key metrics such as its EBITDA margin and continue to improve on its Interest Coverage Ratio."

 

Your contacts for enquiries:

Tina Kladnik
Head of Investor Relations
ADLER Real Estate AG
Tel: +49 (30) 398018123
t.kladnik@adler-ag.com



17.12.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: ADLER Real Estate AG
Joachimsthaler Straße 34
10719 Berlin
Germany
Phone: +49 30 398 018 10
Fax: +49 30 639 61 92 28
E-mail: info@adler-ag.com
Internet: www.adler-ag.com
ISIN: DE0005008007, XS1211417362, DE000A1R1A42, DE000A11QF02
WKN: 500800, A14J3Z, A1R1A4, A11QF0
Indices: SDAX, GPR General Index
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

 
End of News DGAP News Service

759043  17.12.2018 

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