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Nov 30, 2021
, Bloomberg News
(Bloomberg) --
Adler Group SA, the embattled German landlord, reported surging rents and property values in the third quarter as the company defied demands for a detailed response to allegations of fraud by short-sellers.
The company said its rents rose 3.9% from a year earlier in the nine months through September, pushing its valuations up 8.7% to 13 billion euros ($14.7 billion). It also appointed KPMG’s specialized forensic accounting division to review some transactions, Adler said in a statement Tuesday.
At the same time, the group didn’t provide a detailed update on the progress of key asset sales designed to cut its borrowing or clarify progress on collecting money it is owed from past property sales.
It’s the first time the company has reported earnings since the publication of a damaging report by short-seller Fraser Perring’s Viceroy Research that accused Adler of being built on systemic fraud. While the company categorically rejected the allegations, investors have been waiting almost eight weeks for an in depth rebuttal.
Adler has instead announced the sale of about 40% of its portfolio in a move designed to raise cash to help ease financing pressure and confirm its valuations, which have been called into question by Viceroy. The company said the first 1.4 billion euro portfolio sale to rival landlord LEG Immobilien -- announced on Oct. 11 -- was expected to be completed by the end of the year, without providing further guidance. A second 1 billion portfolio sale will conclude in the first quarter next year, it added.
Cevdet Caner, whose family has a minority stake in Adler, has filed a criminal complaint against Perring, who accused the Austrian entrepreneur of being the real guiding force behind the company. Adler’s earnings statement made no mention of Caner.
The company’s receivables -- including funds it is owed from historic property sales -- have been another key area of contention. Adler said its selected financial assets, including receivables, were 563 million euros at the end of September after scrapping the sale of a major development in Duesseldorf to a company owned by Caner’s brother-in-law. That’s down from 735 million euros at the end of June.
©2021 Bloomberg L.P.
