Ado Properties said Monday its offer to take over Adler Real Estate Aktiengesellschaft was accepted, with the intention to create one of the largest listed residential real estate companies Europe.
The combined Adler Real Estate Group has a property portfolio with a gross asset value of around EUR 8.5 billion, diversified across high-growth German metropolitan areas. Its operational headquarters will remain in Berlin.
Under ADO´s public takeover offer, shareholders of ADLER tendered a total of 66.4 million shares, or some 92% of ADLER’s share capital.
The combined company will be led by a management team combining knowledge of both Adler and Ado, with Maximilian Rienecker and Thierry Beaudemoulin as Co-Chief Executive Officers and Sven-Christian Frank as Chief Operating Officer.
Through its strategic partnership with the real estate developer Consus Real Estate Aktiengesellschaft, the company has access to a market leading development platform with a pipeline of over 15,000 residential rental units that will support the group’s efforts to reduce the current housing imbalance in Germany.