completedthe placement of 10million 2016/2021 convertible bonds with a total placement volume of €137.9million.
Theinitial conversion price was fixed at €13.79 apiece.
Thecompany said more than 90% of the subscriptions for the bonds were fromEuropean investors outside of Germany, and approximately 2.9 millionsubscription rights were exercised by shareholders and existing convertiblebond holders.
Thecompany plans to use approximately €60 million of the proceeds to pay offliabilities, reducing its interest expenses by approximately €2.7 million peryear and reducing the weighted cost of average debt to 3.85%.
Theproceeds will also be used for the renovation of around 1,500 apartments fromits portfolio over the next 18 months, and the remaining funds are intended forgeneral corporate purposes such as the acquisition of smaller portfolios.
AdlerChairman Arndt Krienen said, "The fact that we were able to successfullyplace the convertible bond notwithstanding the uncertainty caused by the votefor Brexit is a testament that we have a good standing in the capital markets."