DGAP Related Party Transactions announcement: ADLER Real Estate AG
/ Release of an announcement according to Article 111c of the AktG [the German Stock Corporation Act]
Disclosure of Material Transactions with Related Parties in Accordance with Section 111c German Stock Corporation Act (Aktiengesetz, AktG)
CORRECTION of the calendar year
ADLER Real Estate Aktiengesellschaft, Berlin
ADLER Real Estate Aktiengesellschaft ("Company") signed an amendment to the loan agreement on the granting of a loan in an amount of up to EUR 200 million to its subsidiary, Brack Capital Properties N.V. ("BCP"), on August 14, 2022, which was approved by the supervisory board of the Company in accordance with sec. 111b para. 1 AktG (German Stock Corporation Act - Aktiengesetz). The Company holds 63.00% of the shares in BCP and therefore BCP is a related party pursuant to sec. 111a para. 1 AktG.
By way of the amendment, the maturity date of the loan is extended from May 23, 2023 to December 29, 2023. In addition, the availability period relating to the unutilised commitments has been extended.
By extension of maturity date of the loan to BCP, the Company's excess liquidity is continuously used efficiently. This also seems beneficial since alternative third-party financing for BCP could, due to the increased base interest rates, result in a significantly increased financial burden to BCP.
The amendment of the loan agreement with BCP stands up to an arm's length comparison. In particular, the Company may still demand repayment of the amounts extended at any time in the event of non-performance by BCP. BCP also has the right to prepay all or part of the loan in amount of EUR 500,000 or a multiple thereof with 5 days' notice.
Berlin, 14 August 2022
ADLER Real Estate Aktiengesellschaft
15.08.2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||ADLER Real Estate AG|
|Am Karlsbad 11|
|End of News||DGAP News Service|
1420485 15.08.2022 CET/CEST