Adler’s Accounts Faulted a Second Time by German Regulator
- Firm shouldn’t have consolidated ADO Properties, BaFin Says
- Landlord disagrees and says it will appeal watchdog’s decision
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Germany’s financial regulator found more errors in the accounts of Adler Group SA, dealing the embattled landlord a further blow as it struggles to regain investor confidence.
BaFin, as the watchdog is known, said Adler Real Estate AG wrongly consolidated ADO Properties SA in its 2019 accounts, inflating its balance sheet by €3.9 billion ($4 billion) and earnings by €543 million. The landlord said it does not share the regulator’s view and is appealing the decision. Adler Real Estate merged with ADO in 2020 to form Adler Group.