EQS-News

Adler Group with robust operational performance in 2023

EQS-News: Adler Group S.A. / Key word(s): Annual Results Adler Group with robust operational performance in 2023 25.04.2024 / 12:07 CET/CEST The issuer is solely responsible for the content of this announcement.

 

Adler Group with robust operational performance in 2023

 

 

• 5.1% like-for-like rental growth compared to previous year and operational vacancy of 1.1%

• Successful disposals in FY 2023 such as the “Wasserstadt” rental portfolio at close to book value and several development projects at expected prices contributing to c.€530m in gross proceeds

• Stable liquidity position with €377m cashas a result of both the “New PIK 1.5L notes” placement and cash inflows from project sales, despite debt repayments in the amount of
  c. €280m in Q4 2023

• Adler Group expects to generate net rental income in the range of €200m-210min FY 2024

• Publication of the audited annual reports 2022 and 2023 by 30 September 2024

• Considerable steps taken to reinforce the Group's capacity to continue as a going concern, leading into a non-binding agreement in principle on a restructuring with bondholders

 

 

Luxembourg, 25 April 2024 – Adler Group S.A. (“Adler Group”) concluded the fiscal year 2023 with a robust operational performance, underlined by a strong like-for-like rental growth of 5.1% over the financial year and a vacancy rate of just 1.1%. The average residential rent per square meter increased to €7.60 compared to €7.58 in 2022 despite the disposal of the “Wasserstadt” portfolio in Berlin, with c.700 new built units not falling under the Mietspiegel. By year-end 2023, the rental portfolio amounted to 25,043 units, of which 17,738 units are in the Berlin area.