ADLER Real Estate AG (formerly Adlerwerke, formerly H. Kleyer AG) is a listed real estate company in Germany, formerly based in Luxembourg. The main activities are the purchase and management of residential real estate all over Germany. The company owned about 52.000 residential units in 2020.[1]
History
Short-seller Fraser Perring's investment firm Viceroy Research put pressure on the Adler Group in October 2021 with releases in which it made serious allegations. This involved, among other things, the valuation of real estate projects.
Adler Group presented its balance sheet in 2022 at the last minute before the deadline. Operating profit increased in 2021, but Adler Group has a loss of almost 1.2 billion euros due to depreciation. Adler announced that the commissioned auditing company KPMG was unable to issue an opinion on the consolidated and individual financial statements for 2021. As a result, several members of the Board of Directors resigned at the end of April 2022.
In June 2022, it became known that Adler intentionally fails to pay bills on a large scale. The broadcasters NDR and rbb had a list from April 2021 that lists thousands of open claims that the Adler subsidiary Consus apparently did not or not fully complied with.