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ADLER Real Estate AG: ADLER Real Estate delivered ongoing monetisation in 2014

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

2015-01-20 / 09:57

Corporate News

ADLER Real Estate delivered ongoing monetisation in 2014

- Liquidity inflow of EUR 28.3 million and book gain of c. 7%

- Disposals included residential properties, commercial assets and land parcels

- Strategic optimisation further advanced and in line with company targets

Hamburg, Germany, 20. January 2015. ADLER Real Estate AG, Frankfurt am Main, Germany, (ISIN DE0005008007) ended the financial year 2014 on a very successful note. As part of the ongoing strategic realignment, the Group, which has grown considerably in 2014, was able to monetise a range of properties which no longer belong to the core business. The company can also look back on an excellent operating business which included the expansion of the real estate portfolio as well as the optimisation of already acquired residential properties. The transaction volume from property portfolio disposals for the full year 2014 amounted to approx. EUR 70.5 million. ADLER recorded cash inflows of roughly EUR 28.3 million from the transactions and generated a book gain of EUR 4.91 million (c. 7% of the transaction volume).

"We have advanced our realignment towards becoming a major residential real estate company. This began roughly two and a half years ago and since all acquisitions and disposals have gone according to plan," commented Axel Harloff, CEO of ADLER Real Estate AG. ADLER successfully sold 56 residential plots near Munich and in south and west of Berlin. The apartment project in McKinney/Texas was sold according to plan following its completion. In McKinney, north of Dallas, Texas/USA, ADLER joined a development project with other partners in 2008 involving the construction of 334 residential units. The disposal of a land plot in Offenbach of approx. 10,000 sqm was also finalised.

As part of the optimisation of acquired real estate portfolios, ADLER was able to sell 219 residential units during the course of the last year, primarily in the Dresden region. The realised sale price exceeded the initial fair value which was based on expert assessments when the portfolios were consolidated in ADLER's balance sheet in accordance with IFRS accounting standards. The subsidiary ESTAVIS AG, which was acquired at the end of June 2014 and renamed in ACCENTRO REAL ESTATE AG at the beginning of the year, also performed very well. Following the restructuring of the expanded ADLER Group, ACCENTRO now focuses on the privatisation of residential real estate. In the abbreviated six month financial year 2014 (until the end of December), ACCENTRO contributed to the success of the ADLER Group by privatising 778 residential units. In line with what was disclosed, ACCENTRO divested its commercial real estate portfolio at the end of 2014, which comprised a volume of some EUR 28.6 million and was also no longer a part of the core business.

Further optimisation of the Group's portfolios is expected in 2015 in regards to selected properties which are earmarked to be disposed. Already in 2014 a contract for the sale of a property in Frankfurt-Niederrad was closed, which however will only materialise in 2015. The asset in Niederrad consists of an office building with a rental space of some 4,000 sqm and land for development totalling around 10,000 sqm.

"For the new year we are targeting strong and profitable growth," continued Harloff. While ADLER's residential real estate portfolio grew from 7,800 to approx. 25,000 units in 2014, an additional large portfolio comprising almost 7,000 units was also secured.

For inquiries please contact:

Press: german communications dbk ag
Jörg Bretschneider
Milchstr. 6 B, 20148 Hamburg, Germany
Phone: +49-(0)40/46 88 33 0  Fax: +49-(0)40/46 88 33 40

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

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