Houlihan Lokey Advises Adler Group
Adler Group S.A. has raised €281m through a tap issuance under its existing 1L Notes to finance the cash tender offer by its subsidiary Adler Real Estate AG, repurchasing around 95% of its €300m Senior Secured Notes
Financing Advisor
Houlihan Lokey is pleased to announce that Adler Group S.A. (Adler) has successfully tendered and refinanced approximately 95% of the €300 million Adler Real Estate secured notes. Houlihan Lokey’s Debt Capital Solutions team served as the exclusive financing advisor to the company. The transaction closed on 26 June 2025.
Adler is a Luxembourg-based and German-listed real estate holding company with more than 500 subsidiaries mainly operating in Germany. Adler manages a yielding residential portfolio of approximately 17,900 units and conducts selective development activities across Germany, with a combined gross asset value (GAV) of approximately €4.5 billion.
Earlier in 2025, Adler launched a comprehensive refinancing strategy aimed at optimising its capital structure. Houlihan Lokey advised the company on the refinancing of its €1.2 billion first lien notes and €0.7 billion 1.5 lien notes, resulting in a reduction in cost of debt by about €134 million, while preserving financial flexibility and prepayment optionality to support its ongoing asset disposal strategy. These transactions closed in January and February, respectively.
As part of its broader strategy to optimise the capital structure, Adler has now initiated and completed the refinancing of the majority of its €300 million secured notes maturing in April 2026. The company successfully repurchased approximately €285.2 million, representing around 95% of the outstanding nominal amount, via a cash tender offer priced at €98,500 per €100,000 in principle, plus accrued interest.
Prior to launching the tender, Adler secured binding commitments for the new financing, which was ultimately executed as a tap issuance under the existing €1.2 billion first lien notes due 2028. This transaction contributes to a more balanced maturity profile of the group.
Houlihan Lokey acted as the exclusive financing advisor on all commercial aspects of the tender offer and refinancing. This deal further highlights Houlihan Lokey’s continued success advising clients in the real estate sector.