Adler’s Woes Are Dragging Down Bonds of Other German Landlords

The bonds of German real estate companies have fallen on concern that Adler Group SA’s recent woes may prompt investors to question the industry’s asset valuations.

Most notably, the long-dated bonds of Germany’s largest landlord Vonovia SE, which are investment-grade and typically have stable prices, fell below 90 cents for the first time this week, according to data compiled by Bloomberg. The company last week agreed to a deal with Adler’s biggest shareholder Aggregate Holdings to pay off a margin loan and an option on half its stake.

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