Initiation: Fast-growing residential property specialist
Adler is a fast-growing German residential property company. Since the strategy was adopted in 2012, it has moved quickly to seize the opportunity it has identified and build the scale that should in turn provide operational and funding benefits. It targets high-yielding portfolios with limited need for investment to improve occupancy rates. The investment portfolio has already increased from c 200 units at the end of FY12 to c 21,500 residential units as at H114 (25,000 including notarised deals soon to complete). In this note we examine management’s plans to further increase scale (a target of 47,500 units by the end of FY16) to generate higher earnings and cash flow and support an eventual reduction in gearing and distributions to shareholders.ADLER Real Estate provides commercial and residential project development services in the form of improvement, planning, development and construction, as well as asset management services and property management services. Adler is also engaged in the acquisition, sale, renting and financing of real estate. Co. also provides international and national joint venture activities and acts as co-investor in the acquisition of real estate portfolios.
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