Germany’s Adler to take control of Brack Capital in €540m deal

Adler Real Estate has plans to acquire a stake of up to 70 percent in the €1.6 billion ($1.98 billion) Tel Aviv-listed German-focused Brack Capital Properties (BCP) for €540 million ($667 million).

BCP owns a real estate portfolio containing more than 11,000 residential units in Germany of which two-thirds are located in A-locations. The portfolio is concentrated in major German cities, among them Leipzig (30 percent), Bremen (10 percent), Dortmund, Hannover and Kiel (each 9 percent), overlapping with the existing ADLER portfolio.

BCP also holds development projects in central Düsseldorf and Aachen for nearly 2,000 residential units which ADLER intends to develop further.