German landlord Adler expects rival LEG to buy remaining BCP stake

Adler SA

03/05/2022 10:26

FRANKFURT, May 3 (Reuters) - German landlord Adler  ADJ.DE 
said on Tuesday it expects rival LEG Immobilien  LEGn.DE  to
exercise the option to buy Adler's remaining 63% stake in
property investor BCP, which owns about 12,000 apartments in
Germany, before deadline in September.
    "LEG has already acquired 7% of BCP from us and 24% from
minority shareholders. So, they have a significant stake. Also,
they have confirmed BCP is a perfect fit for the strategy,"
Adler Chief Executive Thierry Beaudemoulin said in a news
conference.
    In a bid to reduce debt, Adler had already sold roughly
30,000 apartments - nearly half of its portfolio - and other
assets between late 2021 and early 2022. This included the sale
of a 6.8% stake in BCP to LEG with an option to buy the rest.
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 (Reporting by Zuzanna Szymanska, Editing by Rachel More)
 ((zuzanna.szymanska@thomsonreuters.com; +49 30 4036 18603;))