Various asset sales: LEG, who already hold the minority share, today announced the acquisition of most of Adler's stake in Back. The price accurately reflects our

Perhaps Adler has a better chance of refinancing more of that First Lien debt now that S&P are raising their rating. We are holding on to our

TopCo bondholders voted each bond issue vastly in favour of the restructuring, paving the way for a relatively inexpensive and straightforward implementation

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