The ailing real estate investor Adler Group cannot get out of the red. After a devaluation of its real estate portfolio, Adler posted a loss of 971 million euros in the first nine months of 2023, the company announced on Tuesday. In the previous year the loss was 479 million euros. Due to the crisis on the real estate market, Adler had to adjust the value of its portfolio downwards by around one billion euros in the first half of the year. At the end of September, the group, headquartered in Luxembourg, had liquid assets amounting to 432 million euros.
As a result of the sale of housing stock and the resulting decline in rental income and interest charges, Adler also recorded an operating loss of seven million euros, it said. According to its own information, the Adler Group still has around 25,000 apartments and wants to concentrate primarily on real estate in Berlin as part of its renovation in the future. The board confirmed the outlook for 2023 and continues to expect net rental income in the range of 207 to 219 million euros.