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ADLER Real Estate AG: ADLER Real Estate takes over residential portfolio in and around Helmstedt

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

14.02.2014 / 15:04


ADLER Real Estate takes over residential portfolio in and around Helmstedt

- Share at portfolio from CORESTATE Capital AG acquired

- Sustained inventory management planned

- Assumption of social charter and employment guarantee

Hamburg, 14. February 2014. ADLER Real Estate AG, Frankfurt/M., (ISIN DE0005008007) has acquired a share at a further portfolio consisting of approx. 2,400 apartments in Lower Saxony. After conclusion of the contract at the turn of the year, the involvement in a housing association in Helmstedt now became legally effective. The share was acquired from CORESTATE Capital AG. The apartments are located in Helmstedt, in the eastern part of the Brunswick and Wolfsburg area such as in the south of Helmstedt. The contracting parties have agreed not to disclose any information on the conditions of the acquisition.

Connected with the acquisition of the involvement in the housing association WBG GmbH in Helmstedt is the commitment to guarantee the employment of currently ten staff members such as to take over the company's existing administrative board. 'We take this obligation very seriously and evaluate the employment guarantee for the personnel as a benefit for us, as they have detailed knowledge of the portfolio', comments Axel Harloff, CEO of ADLER Real Estate AG. Additionally to the employment guarantee the social charter also affects the management of the apartments, as no larger partial sales, no privatizations and no renovations which upgrade apartments to luxury status are allowed. 'We evaluate also these agreements as positive, as we are interested in a long-term loyalty with the tenants', Mr. Harloff continues.

ADLER pursues sustained objectives with this investment. By investments in the assets, in particular in still vacant apartments, new tenants shall be attracted. Projected investment volume amounts to the million range. Due to the economic success of the entire area, based on the achieved growth of Volkswagen Group, ADLER expects increasing demand for attractive and well-priced living spaces.

Being in the real estate business for almost 15 years and initially focused on the development of commercial properties and on residential construction, since two years ADLER Real Estate AG focuses on acquisition and management of a substantial residential real estate portfolio throughout Germany. After closing of the acquisition of WBG GmbH ADLER Real Estate holds shares in portfolios with more than 10,000 apartments.

For inquiries, please contact:

Media: 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
presse@german-communications.com

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
c.hillermann@hillermann-consulting.de

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