Adler Group Seeks Approval for Sale of Cologne Apart Project with 47% Price Reduction

Adler Group has sought approval from its bondholders for the sale of the unfinished Cologne Apart project at a reduced price of 44 million euros, marking a 47% discount from its previously estimated value in June 2022. This attempt to offload the project, formerly a postal distribution center, is not a novel one for Adler. An earlier endeavor in the preceding year aimed to secure a sale at 50 million euros, indicating a further decline in the project's value since then.