Adler - comment

Adler announced that it has (again) sold its Kaiserlei development in Offenbach, this time to the Frankfurt Housing Association. Again, Adler did not disclose the sales price or proceeds of the transaction, but we don’t expect a housing association to bid top dollar for assets and rather bottom feed in dire times. Adler has set itself up to need this liquidity, instead of speculating on the next bull market wave. So it’s good to see the announcements, even if we don’t know precisely what they mean for the balance sheet.