Adler - comment

ADLER — (Wolfgang) The company is exiting the voluntary compact with its rivals and the Berlin state senate, in which all real estate companies had pledged not to raise rents faster than 11% over three years. Given the strategy is a solvent liquidation from here, Adler is more preoccupied with optimising its portfolio than with its relationship with the state. The news is positive for value at Adler, but it won’t make a huge difference as the legal 3-year ceiling is only at 15%.