After the short-seller attack on the group, Germany’s largest housing company apparently sees the opportunity to enter the smaller competitor. The major Luxembourg shareholder of Adler, Aggregate Holdings, announced on Thursday evening that it had acquired a purchase option on 13.3 percent of the Adler shares.
That would be half the share that Aggregate had last reported. The price is “well above the last closing price of the Adler share”, it said in the message. The paper, which came under fire from British investor Fraser Perring, closed on Thursday with an increase of 15 percent at 11.55 euros.
According to Aggregate, the purchase option has a term of 18 months. It comprises around half of the block of shares that the real estate investor holds in the Adler Group. The Austrian investor Günther Walcher is behind Aggregate. A confirmation of for the purchase option was initially not available.
The shares climbed on Friday morning by 10.5 percent to 12.76 euros. This made them the front-runner in the SDax. Vonovia lost 0.2 percent in the Dax.
Adler Group shares plummeted on Wednesday after British investor Fraser Perring launched a critical study on the company. Among other things, he accuses Adler of artificially inflating the balance sheet. As a short seller, Fraser Perring bets on falling prices. Since the beginning of the year, paper has lost up to two thirds of its value. On the stock exchange, the Adler Group is still worth just under 1.4 billion euros, with a property portfolio of 12.6 billion.
This is of particular interest to WiWo readers today
Adler announced on Monday that it might sell a large part of its 70,000-unit housing portfolio. Interested parties have already reported.
For years, the real estate company Adler Real Estate has been attracting attention for its dubious deals. Many investors bought the stock anyway. However, because of a critical study that has just been published, the Adler Group could be guessing.