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Adler Sells Two Projects in Frankfurt as It Seeks to Cut Debt

  • Landlord receives 166 million euros in combined cash proceeds
  • Deal comes just days after a key transaction collapsed

Adler Group SA sold two developments projects in Frankfurt as it continues a series of disposals to cut its debt load.

The properties, both of which were formerly owned by its Consus Real Estate subsidiary, were sold to institutional investors at a price 13.6% below the gross asset value as of December, reflecting a “challenging market environment,” Adler said in a statement on Thursday.