According to Art.17 of Marktmissbrauchsverordnung (MMVO) a listed company is obliged to publish without undue delay so-called insider information – meaning information which could considerably influence the price of the shares or other securities of the company in case the information became publicly known.

ADLER Real Estate AG: Privatisation platform ACCENTRO Real Estate AG sold

ADLER Real Estate AG / Key word(s): Disposal
ADLER Real Estate AG: Privatisation platform ACCENTRO Real Estate AG sold

20-Oct-2017 / 16:22 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Publication of Insider Information pursuant to Article 17 of the Market Abuse Regulation

ADLER Real Estate AG: privatisation platform

ACCENTRO Real Estate AG sold


Berlin, 20 October 2017 - ADLER Real Estate AG (ISIN: DE0005008007) today entered into an agreement to sell a stake of c. 80 % of the shares in ACCENTRO Real Estate AG (ISIN: DE000A0KFKB3) and c. 92 % of the convertibles 2014/2019 issued by ACCENTRO Real Estate AG (ISIN DE000A1YC4S6) at a total price of c. EUR 180 million to a partnership advised by Vestigo Capital Advisors LLP, an FCA authorized and regulated entity. On a fully diluted basis, the sold shares and convertibles represent a c. 82% stake in ACCENTRO Real Estate AG. The sale is structured with a first down payment by the buyer at signing, followed by successive tranches of the purchase price (including interest) to be paid over the next 13 months with appropriate security interests in place. In addition, ADLER Real Estate AG has the option to sell a further holding of up to 6% in ACCENTRO Real Estate AG to the partnership advised by Vestigo Capital Advisors LLP at the same price per share.

ADLER had acquired the holdings for a total consideration of c. EUR 108 million. Going forward ADLER will focus on its core activity of letting residential units and will thus concentrate and simplify its business model.

ADLER intends to use the proceeds from the sale to further grow its real estate portfolio and/or for the redemption of existing liabilities.

The sale will also strengthen ADLER Real Estate AG's equity base by c. EUR 45 million and will thus support ADLER's financial policy, in particular to reduce LTV to below 55 % and targeting to obtain an Investment Grade Rating.

The closing of the transaction is scheduled for the end of November at the latest. The closing of the transaction is expected to trigger a mandatory takeover offer by the buyer for all shares of ACCENTRO pursuant to the German Securities Acquisition and Takeover Law, unless the buyer launches a qualifying voluntary tender offer for all shares of ACCENTRO.


For enquiries, please contact:

Dr Rolf-Dieter Grass
Head of Corporate Communication
ADLER Real Estate AG
Telephone: +49 (30) 2000 914 29


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