December 2024
Sole Financial Adviser
€423 million
Sell-side M&A
Adler Group S.A.
Sole Financial Adviser
Van Lanschot Kempen acted as Sole Financial Adviser to Adler Group S.A. in the sale of its North Rhine-Westphalia portfolio at an implied valuation of €422.5 million to OCP and OneIM
Transaction highlights
- Adler Group S.A. (Adler Group) has reached an agreement with Orange Capital Partners (OCP) and One Investment Management (OneIM) regarding the sale of its North Rhine-Westphalia portfolio, the Cosmopolitan portfolio, at an implied valuation of €422.5 million, generating up to c. €215 million of net cash proceeds upon completion and after repayment of asset-level secured financing
- The transaction, subject to certain closing conditions, will be concluded via a share deal, with a tranche of 89.9% of the share capital expected to close on 31 January 2025, and the parties have agreed to enter into a put-option, therewith allowing Adler to sell its remaining 10.1% stake to OCP and OneIM in due course
- The Cosmopolitan portfolio comprises 6,788 residential units, mainly located throughout Duisburg, Düsseldorf, Essen, Oberhausen and Dortmund, and exhibits an occupancy of 97.4% with an average rent of €6.30/sqm/month
- With this transaction and the recently announced sale of its 62.78% stake in Brack Capital Properties N.V. (BCP), Adler Group has delivered in line with its business planthereby further stabilising its balance sheet, despite challenging German residential real estate market conditions
- Van Lanschot Kempen acted as Sole Financial Adviser to Adler Group in this transaction, as well as in the recently announced sale of Adler Group’s 62.78% stake in BCP
Adler Group
Adler Group is a listed Luxembourg-based German residential real estate company which post conclusion of the deal owns and manages c. 18,000 residential rental units, largely concentrated in Berlin (around 99% of properties). The majority of the company’s multi-family portfolio falls in the affordable housing segment.
Orange Capital Partners
Orange Capital Partners (OCP), established in 2014, is a European real estate investment and asset management firm with its headquarters in Amsterdam, and maintains offices in Dublin, Copenhagen, and Helsinki. OCP’s diverse real estate portfolio in various funds and partnerships is valued at c. €5 billion and mainly consists of affordable living in north-western Europe.
OneIM
OneIM is a global alternative investment manager that invests across the capital structure, in a range of asset classes, industries and geographies. OneIM seeks to provide tailored capital solutions built on proprietary sourcing and underwriting complexity, targeting complex situations where truly bespoke structured investments can offer superior risk-reward dynamics and asymmetrical outcomes. The firm was founded in 2022 and currently manages approximately $7 billion in assets, operating from offices in Abu Dhabi, London, Tokyo and New York.
Background Van Lanschot Kempen European Real Estate
- Van Lanschot Kempen has advised on more than €105 billion in real estate transactions across 15 different countries in Europe in the last 10 years
- Since 2020 to date, Van Lanschot Kempen advised on more than 150 transactions across geographies, representing a total deal value of over €33 billion in a challenging and unprecedented environment
- Van Lanschot Kempen has served as dedicated transaction adviser to Adler Group since 2015 and has advised its client on more than €10 billion in transaction volume
- This transaction, together with the recently announced sale of Adler Group’s 62.78% stake in BCP underpins our unique position as independent financial advisor in the German residential real estate sector