Adler - comment

Q3 and the call this morning were somewhat uneventful. The company has appointed a total of three auditors to deliver a patchwork of audits across the group. During Q3, the squeeze-out at ARE has progressed, which should kill off one area of risk for the company. All assets remain for sale, but with a total of perhaps €5bn of RE transactions in Germany this year, it will take time before management can squeeze the remaining €4bn balance sheet through this noose. The company continues to slowly sell its development projects as permits lose value over time, but we have been seeing fewer transactions of yielding assets as those are also the main swing factor for the junior part of the structure.