Adler overvalued real estate property by up to 233 mln eur - regulator

Adler Real Estate AG

01/08/2022 14:57

BERLIN, Aug 1 (Reuters) - An audit into the consolidated
financial statements of Adler Real Estate  ADLG.DE  found that
the company overstated its assets by incorrectly reporting the
value of one of its projects, Germany's financial regulator said
on Monday.
    The "Glasmacherviertel" real estate project in Duesseldorf
was valued at 375 million euros and therefore overvalued by
between 170 million and 233 million euros, the BaFin regulator
said.

 (Writing by Rachel More; editing by Matthias Williams)
 ((rachel.more@thomsonreuters.com;))