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German property group Adler aims to extend repayment on 600 million euros of bank debt

By Reuters

FRANKFURT – Adler Group, one of Germany’s biggest landlords, will attempt to extend repayment of 600 million euros ($687.84 million) of debt to German banks, after selling roughly 30,000 apartments and other property, its co-chief executive said.

“We have mainly local banks with whom we have extended debts in the past,” Maximilian Rienecker, co-CEO of Adler Group told Reuters, referring to an extension of repayment on 600 million euros of debt. “We are in talks about this.”

He said that alongside this bank debt, 1.1 billion euros of bonds were falling due over the coming two years and that these could be repaid by issuing new bonds.

($1 = 0.8723 euros)