Vonovia buys option for stake in rival Adler (updated)

Adler Real Estate AG

08/10/2021 09:13

(Adds details, background)
    BERLIN, Oct 8 (Reuters) - German real estate company Vonovia
 VNAn.DE  said it had bought an option to acquire around 13% of
its smaller rival Adler  ADLG.DE  whose shares had tumbled as
much as 33% after an activist investor described it as "not
investible". urn:newsml:reuters.com:*:nL8N2R32J3
    Vonovia said the option gives it the right to buy Adler
shares from Luxembourg-based property investor Aggregate
Holdings over the next 18 months at a strike price of 14 euros
($16.16) per share.
    Shares in Adler were up 9.6% at 12.66 euros at 0745 GMT.
    "We have taken advantage of an opportunity in the market,"
Vonovia said in a statement on Friday.
    The deal comes after Vonovia reached a majority of voting
rights to buy rival Deutsche Wohnen  DWNG.DE , creating
Germany's biggest real estate group.  urn:newsml:reuters.com:*:nL8N2R30OH
($1 = 0.8661 euros)

 (Reporting by Zuzanna Szymanska
Editing by Riham Alkousaa, Elaine Hardcastle)
 ((zuzanna.szymanska@thomsonreuters.com;))