Friday Workout - Sum of the parts in Aggregate; French Exits; Naviera Management rolls in as restructuring rolls off

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Friday Workout - Sum of the parts in Aggregate; French Exits; Naviera Management rolls in as restructuring rolls off

Chris Haffenden's avatar
  1. Chris Haffenden
15 min read

After Viceroy’s revelations forAdler Group last week and the subsequent sell-off, worried investors and analysts alike are now fully surveying the entire universe of German Real Estate high yield names. Adler’s sale to LEG of around 15k units for €1.485bn caused some short covering earlier this week, but detail was light beyond that the sale was above June 2021 book value. Their response to the short-seller allegations underwhelmed some observers, with Viceroy countering by publishing a Whistle-blower report, detailing relationships between tainted Austrian businessman, Cedvet Caner - who they allege is in shadow control, his wife, brother-in-law, and a number of individuals going back to his Level One days with board positions and equity stakes in Adler and acquired companies. 

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