Berlin-based ADLER Real Estate AG wants to establish a joint venture with London-based Benson Elliot Capital Management LLP, with the sole purpose of disposing of its noncore units.
Subject to legally binding documentation, ADLER intends to transfer the noncore units earmarked for disposal with a gross asset value of approximately €115 million ($143 million).
Benson Elliot wants to acquire a majority stake in the joint venture, while ADLER wants to retain a substantial minority participation. ADLER will maintain the roles of asset, property and facility management until the assets are sold to third parties. Furthermore, ADLER is expected to participate in any outgoing business.
The parties expect to enter into a definitive agreement during the final weeks of completion of a customary due process and subject to final documentation.
