German Regulator Accuses Adler of Inflating Value of Key Asset

Germany’s financial regulator has accused the embattled landlord Adler Group SA of booking a sale at a price that was roughly double a fair valuation, making the accounts of a key subsidiary erroneous.

BaFin said the September 2019 sale of the Glasmacherviertel project in Dusseldorf to a company controlled by the brother-in-law of tycoon Cevdet Caner overvalued the project by as much as 233 million euros ($239 million), according to a statement Monday. The deal, which was later canceled, valued the plot at 375 million euros, according to company filings.

Adler said it would appeal the ruling in a separate ...