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ADLER Real Estate AG: ADLER Real Estate optimizes its holdings at the end of the year

ADLER Real Estate AG / Key word(s): Miscellaneous

02.01.2014 / 15:21

ADLER Real Estate optimizes its holdings at the end of the year

- Disposal of minority interest

- Acquisition of an additional residential property portfolio

- Holdings extended by 10,000 residential units within one year

Hamburg, 2 January 2014. Shortly before the end of the year ADLER Real Estate AG Frankfurt/M., (ISIN DE0005008007) managed to optimize its residential property portfolio, which has been significantly extended within the previous year, according to the company's strategy. ADLER could sell its 49 percent stake, which therefore was a minority interest in a real estate portfolio consisting of approx. 1,200 residential units, which was acquired at the end of August 2013, to its joint venture partner. In return ADLER acquired a majority interest in a housing association in Lower Saxony which altogether comprises approx. 2,400 residential units. 'We decided to dispose the holding in which we only held a minority interest as in the long term we will focus solely on those holdings which we can independently run and optimize based on a majority interest', explains CEO Axel Harloff. Closing of the transaction is planned for the next weeks. Altogether ADLER is further expanding its residential property portfolio to now approx. 10,000 residential units with an investment volume of approx. EUR 530 million. The portfolio fits very well in ADLER's portfolio strategy. This focuses on the acquisition of residential properties in B-locations which generate positive cash flow and show potential for appreciation. The properties are located in cities and communities close to the city of Wolfsburg where the Volkswagen Group is headquartered.

For the financing of the latest acquisitions ADLER can use liquidity from last week's successfully placed convertible bond 2013/2018 with a volume of EUR 11.25 million such as further liquidity of EUR 3.0 million from the disposal of the minority holding. The sale had no additional effect on ADLER's earnings in 2013, but confirms over 90 percent of the at-equity-valuation of approx. EUR 9.0 million which had already been reflected in the company's results of the third quarter.

The portfolio, which now has been sold completely, originally included approx. 2,100 residential units and was acquired by the beginning of May 2013. As part of the acquisition of the portfolio 51 percent of the holdings were sold to a joint venture partner by the end of August. At the same time the holding company of the entire portfolio also sold 900 residential units. 'We can look back with satisfaction on a business year in which all parameters, like our portfolio of residential properties, equity, revenue and earnings, could be significantly enhanced', Mr. Harloff further comments. 'For 2014 we are planning similar important developments.'


For inquiries please contact:

Press: german communications dbk ag
Jörg Bretschneider
Alsterufer 34, 20354 Hamburg, Germany
Phone: +49-(0)40/46 88 33 0, Fax: +49-(0)40/47 81 80

Investor Relations: Hillermann Consulting
Christian Hillermann
Poststraße 14, 20354 Hamburg, Germany
Phone: +49-(0)40/32 02 79 10, Fax: +49-(0)40/32 02 79 114

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