Adler Group SA Seeks Permission from Bondholders to Sell Unfinished Apartment Development at 47% Discount

Embattled German landlord Adler Group SA has requested its bondholders for permission to sell an unfinished apartment development at a 47% discount to its 2022 valuation, as the company races to repay its vast debt load. The real estate firm aims to sell a project known as Cologne Apart for €44 million ($48 million), according to Bloomberg. That is 37% less than the price valuers estimated on June 30 last year and 47% lower than its valuation in June 2022.