Adler - comment

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 where the files are kept. The district court of Berlin has followed an application by a small-shareholder group SdK and appointed Cologne-based law firm Reitze Wilken as the Special Auditor of Adler Real Estate. We don’t think however that the firm will have enough time to find anything (enter the door) before the squeeze-out hands Adler Group the chance to call off the gimmick.