27 July 2022

Shareholders´ association SdK on ADLER Real Estate: Shareholders must become active

Announcement by SdK Schutzgemeinschaft der Kapitalanleger e.V. (convenience translation)

In addition to the Russian securities, we were also concerned with the events at the companies of the Adler Group. Most recently, especially ADLER Real Estate. The pearl of the Adler Group was deprived of its liquidity by the majority shareholder Adler Group S.A. in recent months. Initially, a loan in the amount of 265 million was extended to Adler Group S.A. shortly before the turn of the year. However, the associated loan agreement was not signed until the end of March 2022! Then, at the end of June, the purchase of 1,400 Berlin apartments was announced. Gross valuation of the apartments: 326 million euros, i.e. around 233,000 euros per apartment. An ambitious price. Why the subsidiary bought the apartments from the parent company is not clear to us. After all, the ADLER Real Estate shareholders are supposed to approve the sale of almost all apartments in the portfolio of ADLER Real Estate AG at the company's annual general meeting on August 31, 2022. This gives the impression that the purchase primarily served the interests of the majority shareholder in order to obtain further liquidity in the short term and that no external third party could be found who was willing to pay a comparable price. Together with the unresolved allegations from the KPMG report on the special investigation at the Adler Group, this all makes a very bad impression. Corporate management to forget. We want to counter this and, with regard to the announced exclusion of the free shareholders of ADLER Real Estate, initiate a special investigation to ensure that the free shareholders are paid a fair compensation, including the equivalent value of any claims for damages against (former) board members and external third parties. In doing so, we are dependent on the assistance of the shareholders of ADLER Real Estate. You can find out how you can help us here (Adler-Gruppe | SdK)

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