September 23, 2019 / 8:51 AM / a month ago

Germany's Adler Real Estate to buy ADO Group for 708 million euros

JERUSALEM (Reuters) - Germany’s Adler Real Estate (ADLG.DE) has agreed to buy ADO Group (ADO.TA), a Tel Aviv-listed shareholder in ADO Properties (ADJ.DE), for 708 million euros (626 million pounds), the companies said on Monday.

Following the acquisition, Adler will hold a 33% stake in ADO Properties, a 4.4 billion euro German-listed residential real estate company focused on Berlin. ADO Group will be delisted from the Tel Aviv Stock Exchange.

The 708 million euro value represents an 83% premium on ADO Group’s closing share price on Sunday. Shares were up 60.5% in Tel Aviv in late-morning trade.

Adler said the deal will be funded by a combination of a rights issue, fully guaranteed and backstopped by Adler anchor shareholders, cash from disposals of non-yielding assets and financial debt.

Reporting by Ari Rabinovitch; Editing by Tova Cohen

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