Adler, Pfleiderer - comment

We have become used to the company announcing asset sales without disclosing the price. That’s unfortunate. But in the wider context, the sale is indicative of a nascent revival in residential development in Germany / Europe. That, in turn, is somewhat under threat from any rate effect from an Iran-induced inflation spike, but while that situation is developing day-to-day, this is another one of a string of land bank sales over the last year that indicates early movement in the eventual demand for kitchen counters and interiors.