QuickView: Fast growth continuing
Adler's management expects funds from operations (FFO) to grow by c 100% during H215 (vs H115) and gross rental income (GRI) by 142%, and aims to reduce the cost of debt below 4% by the year end from c 4.2% in H115. These expectations reflect the first six-month contribution of Westgrund AG, whose acquisition was completed in June, taking the residential property portfolio to over 48,000 units. Further growth including the acquisition of a 24.79% stake in Austrian company conwert Immobilien (CWI), with a market cap of c €1bn, will also contribute to FY15 results.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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