- Customary closing conditions, including merger control approvals, fulfilled
- The portfolio of 23 properties with a total of 5,900 residential units in Spandau and Reinickendorf is thus transferred to Gewobag
BERLIN, GERMANY / ACCESSWIRE / November 29, 2019 / ADO Properties S.A. (the 'Company') announces the completion of the sale of its residential real estate portfolio in the districts of Spandau and Reinickendorf to Gewobag Wohnungsbau-Aktiengesellschaft Berlin ('Gewobag'). All usual closing conditions as well as the merger control clearance to which the purchase agreement was subject were fulfilled. As a result, 100 % of the shares of certain subsidiaries, which own the 23 properties with a total of approximately 5,900 residential units, have been transferred to Gewobag.
ADO Properties now considers various options for using the proceeds of the sale. These include the repayment of existing liabilities, the acquisition of further real estate portfolios and the use for general corporate purposes.
Ran Laufer, Chief Executive Officer of ADO Properties, commented: 'The closing of the transaction went smoothly, and it was a pleasure to work with a professional partner such as Gewobag. This is a great transaction for both of us, and ADO is looking forward to continuing its value creation strategy, which includes acquiring properties where we believe it can create value.'
About ADO Properties
ADO Properties is a company that focuses on the residential real estate sector and owns a property portfolio of around 18,000 units in Berlin (after the disposal as mentioned above). The company operates an entirely integrated, scalable in-house platform that includes a dedicated property administration. The portfolio of ADO Properties is concentrated in central locations inside Berlin's S-Bahn-Circle and in attractive districts on the city's periphery.
Eyal Merdler, CFO
SOURCE: ADO Properties S.A.
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