ADO Properties: Rises after agreement to sell Berlin portfolio

Adler Real Estate AG

27/09/2019 09:25

** Shares in ADO Properties  ADJ.DE  rise 3% after the
German real estate company agrees to sell about 6,000 flats in
Berlin to rival Gewobag  urn:newsml:reuters.com:*:nASP0017ED
    ** The EUR 2,600 per sqm is about 10% above book value and
"is another positive pricing point for Berlin's residential
market after a rent freeze in the city", Jefferies says
 urn:newsml:reuters.com:*:nL5N26E1YX  urn:newsml:reuters.com:*:nL8N23P3WO
    ** ADO bought the so-called Carlos portfolio, consisting
mainly of affordable residential buildings, for about EUR 400
mln from Deutsche Wohnen  DWNG.DE  in 2014-2015, the broker says
    ** According to Jefferies, as ADO has only spent about EUR
30 mln in capex since then, the sales price reflects more than a
doubling of total investments

 ((zuzanna.szymanska@tr.com))