Schroders begins to offload its $340 mln stake in property firm Adler - Bloomberg News

Adler SA

26/10/2022 15:44

Oct 26 (Reuters) - UK fund manager Schroders  SDR.L  has
started to sell large chunks of its $340 million stake in German
property firm Adler Group SA  ADJ.DE  at lower prices, a
Bloomberg News report said on Wednesday.
    Schroders and Adler did not immediately respond to Reuters
requests for comment.
    Schroders has reduced its holding in Adler by around 23
million euros in June, the report added. The fund manager
reported a fall in its assets under management last week hurt by
its under-fire liability driven investment business.
 urn:newsml:reuters.com:*:nL4N31L1C0
    Adler, one of Germany's biggest real estate companies,
remains shut out of banking and capital markets pending
completion of the audits launched in response to allegations by
short seller Fraser Perring's Viceroy Research last year that
the company's balance sheet had been artificially
inflated. urn:newsml:reuters.com:*:nL8N2ZD4IS
    In August, Germany's financial regulator said Adler
overstated the value of one of its projects by up to 233 million
euros ($233.72 million). 
($1 = 0.9969 euros)
 (Reporting by Sinchita Mitra in Bengaluru; Editing by Shailesh
Kuber)
 ((Sinchita.Mitra@thomsonreuters.com;))