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

Adler SA

26/10/2022 16:03

(Updates with Adler's response)
       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 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 Group declined to comment when contacted by Reuters,
while Schroders did not immediately respond.
    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 and Amna Karimi in Bengaluru;
Editing by Shailesh Kuber)
 ((Sinchita.Mitra@thomsonreuters.com;))