Norton Rose Fulbright advises ADLER Real Estate AG on yet another issue of €800m dual tranche notes and concurrent notes buyback

Global law firm Norton Rose Fulbright has advised longstanding client ADLER Real Estate AG, on another issuance of dual tranche notes with a nominal value of €800m under German law. A similar transaction was successfully implemented in December 2017 under New York law.

ADLER Real Estate AG is a real estate company listed in the SDAX of the Frankfurt Stock Exchange and looks to build and develop a high-value and high-yield residential real estate portfolio in Germany

The first tranche with a coupon of 1.875 per cent p.a. and a volume of €500m has a term of five years. The second tranche with a volume of €300m has a coupon of 3.00 per cent p.a. and a term of eight years. The notes were admitted to trading on the regulated market of Euronext Dublin today.

In parallel to the notes issue, on 19 April 2018 ADLER launched a cash tender offer to the holders of its €500 million 4.75 per cent notes due 2020, issued in 2015 under New York law with a volume of up to € 200m, which was also successfully closed today.

The proceeds of the issue of the new notes will be mainly used to refinance a bridge loan for the acquisition of a 70 per cent stake in Tel Aviv listed Brack Capital Properties NV and the repayment of the tendered 2020 notes.

Norton Rose Fulbright’s team was led by Frankfurt-based partner Dr. Frank Peter Regelin and included corporate senior associate Jan-Peter Heise and associate Denis Dräger as well as tax partner Tino Duttiné. London-based US securities partner Thomas Vita, of counsel Kevin Connolly and associate Kayla Kirk advised on US law aspects of the notes buy back.

Norton Rose Fulbright has advised ADLER Real Estate on numerous capital markets transactions in recent years.

For further information please contact:

Stefanie Kerschke, PR & Communications Executive Germany
Tel: +49 89 212148 339; Mob: +49 174 34 528 72
stefanie.kerschke@nortonrosefulbright.com

Notes for editors:

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