Adler Rallies as CEO Says Real Estate Sale Came at a Premium [Business News Network (BNN) (Canada)]
KKR & Co. Inc. (KKR)
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Source: Business News Network
In a conference call with analysts and shareholders, Adler's co-CEOs said the deal helped stabilize liquidity and came at a premium to book value. While the value of the LEG deal -- a 1.3 billion-euro ($1.5 billion) agreement for apartments and other properties in Germany -- was less than Adler initially expected, it still represents the first major disposal since the company was targeted by short-seller Viceroy Research in October. Adler shares jumped 7.8% on Thursday, extending a 34% surge from yesterday. Management refused to take questions on the Viceroy allegations. Adler Sells Apartments to Rival Landlord LEG to Slash Debt The deal closed at a premium of more than 10% to book value, said Co-Chief Executive Officer Thierry Beaudemoulin, adding that net proceeds were about 800 million euros. Adler is now planning to go ahead with another portfolio sale of about 1 billion euros even if it has reached its target to cut its loan-to-value ratio to less than 50%, according
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