The ailing German real estate investor Adler Group has also accumulated a billion-dollar loss in 2023. After a devaluation of real estate assets, the loss from ongoing business activities amounted to 1.464 (previous year: 1.272) billion euros. Adler announced this based on preliminary figures. In addition, there is a negative financial result of 497 million euros. The bottom line was that the loss totaled 1.8 billion euros.
The company also did not make as planned last year with the sales of real estate, with which the Adler Group wants to reduce its debts. “However, given the difficult transaction market environment, the sales are lagging behind original plans,” the real estate group admitted.
This is also why the Adler Group is “driving a financial restructuring that will stabilize the debt structure by postponing maturities beyond 2026/27,” it said. “The aim is to lay a solid foundation for the continuation of the group for at least the next two years.” To this end, a non-binding agreement in principle regarding restructuring was reached with bondholders.
The real estate investor Adler Group, which still has around 25,000 apartments, is groaning under losses and high debts. He wants to sell large parts of his portfolio to reduce liabilities and concentrate on the Berlin market in the future. The largest individual shareholder is Buwog parent Vonovia with a share of almost 16 percent. According to the information, Adler’s total liquid assets amounted to 377 million euros at the end of the year. In the current year, Adler expects net rental income in a range of 200 to 210 million euros, compared to 210 million euros in the previous year.
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