A wholly owned subsidiary of Adler Real Estate AG completed the acquisition of 100% of the shares in Israel-headquartered ADO Group Ltd., following merger control clearance and approval from ADO shareholders during an extraordinary meeting held Nov. 7.

Adler agreed in September to acquire all shares in ADO Group for roughly €708 million.

As a result of the merger, Adler is now the sole shareholder of ADO Group and indirectly owns about 33.25% in ADO Properties SA.

The merger will create a German residential company having a real estate portfolio with a gross asset value of €8.5 billion on a fully consolidated basis.