Adler Real Estate has announced plans to launch a takeover offer for peer Estavis, which is based in Berlin and specialises in residential real estate.
Adler Real Estate has announced plans to launch a takeover offer for peer Estavis, which is based in Berlin and specialises in residential real estate.
In a statement, Adler said the offer will take the form of a share exchange whose ratio is yet to be determined.
The bid is aimed at taking control of Estavis' housing portfolio, Adler added. The company is being advised by Close Brothers Seydler Bank on the deal.
'It is our aim to fully consolidate Estavis, as we see strong potential for value improvement at the company,' commented Axel Harloff, CEO of Adler Real Estate.
Estavis is the owner of around 2,100 apartments largely located in the German cities of Berlin, Leipzig and Chemnitz. It also holds a stake in an operating company specialising in the privatisation of apartments.
Based in Frankfurt, Adler expanded strongly in 2013 through a number of major acquisitions. Last May, the company took majority ownership of two portfolios providing around 4,300 housing units for a total of €210 mln.
In October it took control of three German portfolios for about €113 mln and earlier this week it announced the purchase of another 2,400 residential units in Northern Germany from turnaround specialist Corestate Capital.
In total, the company owned assets valued at €358 mln at end-September last year, up from €44 mln at year-end 2012.
