Enthusiasts Eagle closes billionendent with LEG to the debt removal

16:06  01 december  2021
16:06  01 december  2021 Source:   pressfrom.com

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(Bloomberg) - The Adler Group SA has completed two transactions with Leg real estate SE, which should significantly reduce the Group's debt mountain. The price fell lower than initially announced, the shares rose to up to 24%.

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According to Explanations The company pays LEG 1.29 billion euros to A portfolio of 15,362 living and 185 commercial units to take over 100%. When the deal was announced in October for the first time, only 90% should go to the leg; The value of the portfolio was currently specified by Eagle at 1.49 billion euros.

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"The price has changed," said Leg-CEO Lars of Lackum on Wednesday in an analyst conference. "We looked at the portfolio exactly and found one or the other."

Adler's shares are down more than 60% this year © Bloomberg Adler's Shares ARE DOWN MORE THAN 60% THIS YEAR

In addition, Eagle sells 7% in a second transaction 7% of her daughter Brack Capital Properties NV for around 75 million euros on Leg, as is apparent from a separate communication. Under certain conditions, the proposed Group will submit its remaining 63% share to Brack for 157 euros per share to the leg. That implies a discount of 4%.

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Taken together, the transactions Adler initially bring a net revenue of 882.5 million euros. If the second part of the Brack transaction go through, another 765 million euros would be due. The portfolio sales will reduce the disposal quota of Adler from 57% to 52.7%, said Eagles.

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Eagle has broken broken by more than 63% this year after the Group was targeted by empty racers. Fraser Perrings Viceroy Research published in October a report in which excessive reviews were accused of excessive reviews and opaque transactions. Eagle is only led to Cevdet Caner's interest in the interest of investors, whose family holds a minority stake in the company, says Viceroy.

More about: House of Caner: Adler sits to 8 billion euros ilk

The share price dropped on Tuesday to a record low after Adler had announced the results for the third quarter. With the announcement of the portfolio sales, the paper made a large part of these losses again. The company's 2029 bonds were able to catch up by the losses on Tuesday and are traded on Wednesday at 84.4 cents per euro.

Headline in the original:

Adler Sells Apartments to Rival Landlord Leg to Slash Debt (1)

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Real Estate Credit: The break before the widespread rise in rates in 2022? .
The credit rate move little at the end of the year. Despite some lifts in the scales, some banks have made the bet of competitiveness by lowering theirs. Thus, after one month of November marked by rates increases, from 0.05 points to 0.25 point, on all durations and profiles, youFinancer rating of the proposed average rates stable at 1% over 15 years, 1 , 15% over 20 years and 1.40% over 25 years. And for the best profiles, "Records" below the 1% mark over 25 years.

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