Adler’s Development Arm Takes Further Write Down as Market Sours

Embattled landlord Adler Group SA has written down the value of its development arm Consus Real Estate AG after rising interest rates triggered a sharp slowdown in German real estate.

Consus management has been reviewing restructuring measures for the troubled business, which was sold to Adler by its shareholder Aggregate Holdings SA in 2020, after a forensic audit questioned the value of its projects. That review has now been updated to reflect the deteriorating market and rising default risks of receivables, resulting in a non-cash impairment charge and negative equity for the business of as much as 800 million euros ...