Adler - comment

The company released another cryptic communication this morning that it had sold two Frankfurt assets for proceeds of €166m, but failed to clearly state if those proceeds were received gross or net of debt of €65m. In light of the unnecessarily vague language and gauging the last GAV valuations we have for the respective assets, we are assuming it is a gross figure and that Consus have received €100m in net cash. Please let us know if you have better information.