S&P affirms Adler Real Estate

S&P said it affirmed its BB long-term issuer credit rating on Adler Real Estate AG.

The outlook remains positive.

The agency also affirmed the BB+ long-term issue rating on the company's senior unsecured debt. The 2 recovery rating remains, reflecting an expectation of 70%-90% recovery (rounded estimate: 80%) in the event of a payment default.

S&P said the affirmation follows Adler's announcement of the acquisition of up to 70% plus one share of Brack Capital Properties NV. Adler already agreed to acquire a 41.04% stake in Brack Capital and subsequently launched a tender offer to acquire an additional 25.8% of shares.

“The acquisition would moderately improve Adler's business risk profile, while credit metrics in the next 12 months would remain broadly in line with our previous base case,” the agency said in a news release.

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