German cities are rarely good buyers of real estate, usually cash-strapped and reluctant. So we are all the more surprised that Adler

There was an odd request to the Derivatives C'ittee earlier this week about whether ARE’s “sex change” from AG to GmbH constituted that it’s now a

We are wondering this morning about the health reasons that Chairman Stefan Kirsten cited as reason for his departure from the board. The timing is curiously

Please find our unchanged model of Adler here. 

We had expected yesterday’s verdict to provide more clarity to Adler and therefore to generally boost valuations of a name that has lagged behind the

The UK’s court of appeal has overturned the approval of last year’s restructuring. That’s a shocker. There is certainly no easy solution the

According to Adler, Bafin have concluded their investigation into the company’s 2019 financial statements without imposing a fine or ordering any

Vonovia’s Q3 results this morning highlights that there remains at least minimal liquidity in the residential market in Germany, with €1.7bn of sales in Q3.  Reassuring

The squeeze out is going ahead. Adler is spending €30m = €8.76 per ARE share for the 3.4m shares in float. We think this should also

The company is finally initiating the appointment of an auditor for its holdco Adler Group SA. AVEGA Revision S.à.r.l. has sent a declaration of acceptance. Adler will be audited by a

We said before: if you can pay 97c, you can pay par. We suspect that of the €69.5m tendered amount, €63 came from ARE’s own holdings, representing a

Adler anticipate bringing the new bond on October 9th. Meanwhile, the company discloses that it’s in advanced talks with a group of auditors to audit several

The 21% PIKs are placed and will go to pay down the convertible and the Schuldscheine. The new bond has only a 2025 maturity - in line with

So the refinancing of the convertibles and Schuldscheine won’t be by additional PIK, but by a new 1.5 lien piece. We alluded to that kind of tranching being

If you can pay 97% you can pay par. We don’t hold the converts in our portfolio, but two months from maturity that would be our attitude. Adler are

The regional court of Berlin rejected a motion by the “Association for the Protection of Investors” SDK, which had requested a special audit of

The company is exiting the voluntary compact with its rivals and the Berlin state senate, in which all real estate companies had pledged not to

Adler Real Estate is having its offices raided this morning - the raid is not aimed at Adler Group, even though we doubt there is much spacial distinction as to

Almost all ARE 24s have tendered their bonds - as was to be

Adler must be the only company we can recollect that hires its CRO after the restructuring. Anyhow, Hubertus Kobe comes out of the Berlin

The RE 24s continue on their way to being taken out early, allowing the substitution of this capital on more attractive terms via the new money. The subsidiary

Adler Real Estate is tendering for all of its €300m 2024 notes at 94c€ + 20bps in cash for early birds. For good measure, it's coercive in that it's tied to a