The real estate giant Vonovia is examining an entry into the difficult waters of its industry rival Adler Group.
In an agreement with the major Adler shareholder Aggregate Holdings, the Bochum-based company secured the right to acquire a 13.3 percent stake in Adler, as the Luxembourg real estate investor said late on Thursday evening.
Luxembourg / Bochum - If Vonovia exercises the purchase option, Aggregate's stake in Adler would be halved.
After its crash on Wednesday, the Adler Group's share continued to rise to below 10 euros at times.
Vonovia announced on Friday morning that it would be able to exercise the purchase option at EUR 14 per share over the next 18 months.
Without any time pressure, one can now examine the Adler Group's real estate portfolio and decide whether it makes sense to join Adler or not.
Short seller and punter Fraser Perring with his investment firm Viceroy had made serious allegations against the company, such as deception and financial misrepresentation.
The share price then crashed by a quarter.
Adler had "strongly dismissed" Viceroy's accusations.
Adler commented again on Friday.
The company emphasized that the assessment of the value of the portfolio and acquisitions had been carried out by external auditors.
In addition, it has now been decided to hire external independent consultants and auditors to carry out a comprehensive review of the allegations.
The week had already been eventful for Adler investors.
The company announced a possible realignment on Monday.
Several interested parties had submitted offers for parts of the property company's rental portfolio, it said.
The share price had previously plummeted in September and lost almost 35 percent in that month, even though management had raised profit targets at the end of August.
At the beginning of this year, the share was worth almost 30 euros.
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The Adler Group emerged from a merger of Ado Properties, Adler Real Estate and the Berlin project developer Consus Real Estate.
The combined company was then renamed the Adler Group and has its operational headquarters in Berlin.
dpa
