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ADLER Real Estate AG: ADLER Real Estate successfully disposes of left-over properties
ADLER Real Estate AG / Key word(s): Miscellaneous
21.10.2014 / 14:35
ADLER Real Estate successfully disposes of left-over properties
- Project in McKinney/Texas completed and sold
- Cash inflow of approx. EUR 5.3 million
- Negotiations regarding properties in Offenbach and Frankfurt am Main are at an advanced stage
Hamburg, 21 October 2014. ADLER Real Estate AG, Frankfurt am Main/Germany, (ISIN DE0005008007), is working successfully to dispose of non-core left-over properties. Therefore the sale of an apartment project in McKinney/Texas following the completion of construction could be finalised. The resulting book profit amounts to around EUR 1.4 million and the transaction also resulted in the return of funds totalling EUR 5.3 million that had been invested by ADLER. The project had been initiated before ADLER began a process of reorientation; the company has since developed and operated a significant portfolio of residential properties. ADLER is also in advanced negotiations regarding the sale of a land plot of approx. 10,000 m2 in Offenbach and its commercial project with further development potential in Frankfurt-Niederrad.
In 2008, ADLER entered into a development project with partners to construct 334 apartments in McKinney, a city located to the north of Dallas, Texas/USA. Construction of the residential development was delayed due to the financial crisis in the USA. As planned, it was sold to an investor after the project was completed and the apartments were rented. ADLER's remaining left-over properties still include plots for residential developments in the south and west of Berlin and land still subject to planning permission in Berlin and Dresden.
"We are working intensively to sell these remaining left-over properties in order to free up funds for investment in our residential property portfolio," said Axel Harloff, CEO of ADLER Real Estate AG. Since early 2014, ADLER has increased the number of residential properties it holds from 7,800 to approx. 21,000 and is planning further robust growth of its portfolio.
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21.10.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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|Company:||ADLER Real Estate AG|
|Phone:||+49 (0)40 - 29 8130-0|
|Fax:||+49 (0)40 - 29 8130-35|
|ISIN:||DE0005008007, DE000A1R1A42, DE000A11QF02|
|WKN:||500800, A1R1A4, A11QF0|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg|
|End of News||DGAP News-Service|