Adler Seals $686 Million KKR Property Deal to Ease Debt Burden

Adler Group SA is selling a property portfolio to KKR & Co. for about 600 million euros ($686 million), a transaction the embattled real-estate company said will help it achieve its deleveraging goals.

The cash from the sale of about 14,400 residential and commercial units, mostly in eastern Germany, will help push its loan-to-value ratio below 50%, Adler said in a statement on Thursday. The deal values the portfolio at 1.05 billion euros, which is a premium to the book value of the assets as of Sept. 30, the company said. Bloomberg first reported KKR’s interest in October.

Adler rose ...