Adler Group S. A. (Adler Group) announced the completion of the sale of the Wasserstadt rental portfolio located in Berlin.
ADLER Real Estate AG, a subsidiary of Adler Group, has sold its Wasserstadt portfolio of assets based in Berlin-Mitte and consisting of a lettable area of c. 47,000m2. The portfolio mainly consists of residential properties - c. 700 flats including more than 200 co-living spaces. The portfolios Wasserstadt Tankstelle and Wasserstadt Kornversuchsspeicher are not part of the sold portfolio and will be marketed separately.
According to estimations the Adler Group received c. €130m in this transaction. The selling price was broadly in line with the valuation (GAV) of the portfolio as of 30 June 2023, resulting in a discount of about 0.7%.
Thierry Beaudemoulin, CEO of Adler Group said: “We consider the sale of Wasserstadt as a major milestone in our strategy of further deleveraging our Company as well as focusing on Berlin-based portfolios that provide substantial rent increase potential."
