Adler Marks Down Assets as Interest Rates Weigh on Holdings
- Landlord is racing to obtain funding to avert fire sales
- It has given up looking for a new auditor on its own
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Adler Group SA marked down its real estate portfolio as rising interest rates weigh on valuations, underscoring the urgency for the landlord to finalize a deal to obtain funding for the next years.
The company cut the value of its portfolio by 2.3% during the third quarter, pushing its relative indebtedness close to a key threshold, according to a statement Tuesday. The announcement came days after Adler announced a preliminary deal with bondholders to give it more time to reduce its debt.