Adler Marks Down Assets, Offers Bond Buyback as Markets Dry Up

Adler Group SA, the embattled German landlord, devalued its real estate portfolio for the second consecutive year as it races to sell assets and repay creditors.

The mark-down of its portfolio in the first half of the year pushed the firm’s once key loan-to-value ratio to 87.7% at the end of June, from 74.5% in December, according to a statement on Tuesday. That is far above the 60% limit set before a restructuring plan kicked in.

Adler is seeking to shore up cash with disposals just as the real estate market’s decade-long boom grinds to a halt. The firm ...