German landlord Adler expects rival LEG to buy remaining BCP stake

FRANKFURT - German landlord Adler said on Tuesday it expects rival LEG Immobilien to exercise the option to buy Adler's remaining 63% stake in property investor BCP, which owns about 12,000 apartments in Germany, before deadline in September.

"LEG has already acquired 7% of BCP from us and 24% from minority shareholders. So, they have a significant stake. Also, they have confirmed BCP is a perfect fit for the strategy," Adler Chief Executive Thierry Beaudemoulin said in a news conference.

In a bid to reduce debt, Adler had already sold roughly 30,000 apartments - nearly half of its portfolio - and other assets between late 2021 and early 2022. This included the sale of a 6.8% stake in BCP to LEG with an option to buy the rest.