BERLIN (dpa-AFX) - Adler Group S.A. said that it has reached an agreement to sell its 62.78% stake in the share capital of Brack Capital Properties N.V. to LEG Immobilien SE for a total cash consideration of 219.3 million euros.
Brack Capital Properties' total portfolio 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 about 200,000 sqm of land offering the potential to develop about 1,650 apartments.
Adler Group noted that 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 euros 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 euros per share or more, which is expected to close no later than 1 January 2026.
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