Adler - comment

Adler are out with a press release on what seems to be a miniature transaction in Berlin. The company has apparently sold a tired mixed resi and commercial unit in Kreuzberg Wilhelmstaße. This is not the Wilhelmstraße hole in the ground that was previously valued at €150m. That has already been sold. We estimate the value of this transaction to be in the low double-digit spectrum and somewhat question the reason for the press release. The asset is to be redeveloped and must be seen in the scope of the optimisation/homogenisation of the remaining Berlin resi portfolio. It will have no immediate impact on trading levels.