Adler - comment

The major divestments of its development properties had already been announced. What is more interesting is that the valuation adjustments on the investment portfolio, which comprises many of these assets, have ended, and our confidence in the book values is increasing. The Holsten Quartier, for instance, is being sold at book value and apparently for cash. Management speak of a nascent revival of the real estate market in Berlin, for yielding assets and for development properties. LTV remains high in the low 70s, propelled by interest expenses and with the expectation of a stable revaluation of the yielding portfolio on the horizon, all eyes are still on the continued asset sales. Operationally,  the glass is turning half full, but prices to the bonds and the Perp should not move much on this update.