Real Estate
Property Firm Adler Looks to Sell Assets at Up to 47% Discount
- It’s the second time the developer has approached creditors
- German landlord attempting to shore up cash, repay debt
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Embattled German landlord Adler Group SA has asked its bondholders for permission to sell an unfinished apartment development at a 47% discount to its 2022 valuation, as the company races to repay its vast debt load.
The real estate firm aims to sell a project known as Cologne Apart for €44 million ($48 million), according to documents seen by Bloomberg News. That is 37% less than the price valuers estimated on June 30 last year and 47% lower than its valuation in June 2022.