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Germany’s Adler Group seals second major property sale to cut debt, Real Estate News, Realty Beat

Germany's Adler Group seals second major property sale to cut debt, Real Estate News, ET RealEstate
Adler Group, one of Germany’s biggest landlords, announced the sale of roughly 14,400 homes and commercial properties on Thursday, its second such sell-off in as many weeks and a deal the company said would help cut its debts.

Adler Group, whose shares have crashed since it was targeted last year by short sellers critical of its business, said it would receive net cash proceeds of 600 million euros ($686 million) from the sale to private-equity firm KKR.

The company said the sale would help it reach a goal of having a loan-to-value ratio, an important yardstick of its debt burden, of less than 50%.

Earlier this month, Adler announced a similar sale of more than 15,500 properties to LEG Immobilien.

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