Adler Group S.A. announces the sale of its 62.78% stake in Brack Capital Properties N.V. to LEG Immobilien SE

• Successful disposal of Adler’s 62.78% stake in BCP, ahead of expectations
• The transaction generates €219.3m of net cash proceeds, therewith further stabilising the balance sheet and delivering on Adler’s renewed business plan
• First close of 52.68% to close by early January 2025

Luxembourg, 4 November 2024 – Following the publication of the audited financial statements for 2022 and 2023 at the end of September 2024, Adler Group S.A. ("Adler Group") continues to deliver on its business plan and today announces to have reached an agreement for the sale of its 62.78% stake in the share capital of Brack Capital Properties N.V. (“BCP”) to LEG Immobilien SE (“LEG”) for a total cash consideration of €219.3m.

BCP’s total portfolio today comprises 9,101 residential units located throughout North-Rhine Westphalia, Hannover, Bremen and Kiel as well as in the East of Germany around Leipzig, Magdeburg and Halle. In addition, BCP owns development projects Grafenberg and Gerresheim which jointly span a total of c.200,000 sqm of land offering the potential to develop c.1,650 apartments.

The transaction will be concluded via a two stage-closing mechanism. The first tranche of 52.68% of the share capital is expected to close in the first week of January 2025 via a direct sale at €45.00 per share. For the second tranche of the remaining 10.10% of the share capital, Adler Group has signed an irrevocable undertaking to tender its shares in a Public Offer under Israeli Law, at a price of €45.00 per share or more, which is expected to close no later than 1 January 2026. 

Thierry Beaudemoulin, CEO of Adler Group: “We are glad to secure a pivotal transaction ahead of initial expectations. As we fully support BCP’s strategy, we are happy to have found a strong local partner in LEG in pursuit of securing and enabling BCP’s future under new ownership.”

Stefan Brendgen, Chairman of the Board of Directors of Adler Group: “On behalf of the entire Board of Directors I can say that we are very pleased with the outcome of what has been a challenging process and that we have once more been able to deliver on the path set out in our efforts to restructure and stabilise the Group.”

Van Lanschot Kempen N.V. acted as Sole Financial Adviser, White & Case LLP acted as Sole Legal Adviser.

 
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