Vonovia now owns 20.5 percent of the Adler Group.
Bochum-based DAX Group has announced that a 20.5 percent stake in its Berlin residential property group formerly owned by Aggregate Holdings Invest SA has been transferred to Vonovia SE via a “franchise”. The shares were pledged to secure a loan granted by Vonovia on October 7, 2021 by replacing a bank loan from Aggregate Holdings Invest. With this move to fulfill the pledge, Vonovia is protecting itself from bad debts after Aggregate Holdings Invest failed to provide the cash collateral stipulated in the contract.
Vonovia’s exercise of voting rights of Adler stock is subject to approval by the cartel’s office. Accordingly, the fulfillment of the pledge was the result of the loan commitment and served to protect Vonovia’s financial interests.
No further decisions will be expected through these measures. The Bochum Group, which is currently in the process of merging the Berlin-based Deutsche Wohnen, retains all business options. This also includes the full or partial sale of shares in the Adler Group, which are listed on SDAX. Aggregate Holdings Invest is the majority shareholder in the Adler Group. According to the online fact sheet, the contributor owns a total of 26.59 percent of the Adler Group.
Meanwhile, Vonovia stock lost 0.68% via XETRA to €45.50.
According to Ulrike Duration
Frankfurt (Dow Jones)
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