Adler - comment

Vonovia CFO Grosse commented to the German newspaper Börsenzeitung that Vonovia would make no capital contributions and would even consider selling its current stake in the equity of Adler (24% of shares). While he reiterated Vonovia’s belief in Adler’s substance, he voiced frustration with the recent development of the name. Vonovia’s stated ambivalence is not entirely new news. We’ve heard similar comments from his CEO and Vonovia’s own shares are now trading well below NAV.