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Adler Real Estate meets conditions for Brack Capital stake buy

Adler Real Estate AG said it has met the conditions for its purchase of a 41.04% stake in Amsterdam-based and Tel Aviv-listed real estate operator and manager Brack Capital Properties NV from Redzone Empire Holding Ltd.

The stake buy was contingent on the company's special tender offer for up to about 25.8% of Brack Capital shares. The offer proved successful after passing the 5% minimum acceptance level and obtaining approval from the majority of the latter's responding shareholders. The acquired shares under the offer amounted to roughly 877 million New Israeli shekels. The German Federal Cartel Office already cleared the transaction, and Adler will continue to accept tenders through March 26, according to a release.

The German multifamily property company expects to own a total of about 70% of shares in Brack Capital once the special tender offer and stake purchase close in early April.

As of March 21, US$1 was equivalent to about 3.49 New Israeli shekels.