The Adler Group, which is under great pressure, wants to steer into calmer waters and therefore in future concentrate on real estate portfolios anchored in Berlin.
The company will only invest in the development of new properties in selected cases, as the Chairman of the Board of Directors, Stefan Kirsten, and Adler's CFO, Thomas Echelmeyer, announced on Tuesday when the quarterly figures were published.
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Adler currently manages 27,000 apartments with 60,000 residents.
In order to stay afloat financially, the company has sold numerous properties in recent months.
It recently parted ways with the three Frankfurt development projects Ostend Quartier, Westend Ensemble and Eurohaus Projekt as well as the Hamburg project Neues Korallusviertel.
The sale of Eurohaus Projekt was signed and the other transactions completed in the third quarter.
The proceeds add up to almost 250 million euros.