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Germany's Adler Real Estate to buy 41% stake in Brack Capital

Multifamily-focused property company Adler Real Estate AG agreed to buy a 41.04% stake in Netherlands-based property owner and manager Brack Capital Properties NV. Adler also plans to launch a public tender offer to acquire a further 25.8% interest in the real estate company, according to a brief from Reuters.

Adler, based in Berlin, is aiming to amass a 70% plus one share stake in Brack Capital for a maximum consideration equivalent to €539 million, according to Reuters.

The company will fund the deal with proceeds generated from the sale of Accentro Real Estate AG and existing available funds. It said the transaction will improve its funds from operations I by about €20 million per year. It expects €6 million in operation and financial synergies each year.