The less good news for Offenbach first: Stefan Kirsten, Chairman of the Board of Directors of the ailing Adler Group, did not report on Tuesday about progress or even success in the search for a buyer for the large-scale real estate project around the old Siemens towers at Offenbach's Kaiserlei.

Even when asked, the only thing I could hear was that there were talks with interested parties and with the city of Offenbach about the project called Vitopia-Campus.

For months, with frozen cranes in front of the skeletons of high-rise buildings, this has been a delicate, widely visible picture of the standstill at the interface between Offenbach and Frankfurt.

Jochen Remert

Airport editor and correspondent Rhein-Main-Süd.

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Still, Kirsten highlighted in the nine-month report that the group had reached an agreement with "core bondholders."

The corresponding communication also states that this agreement secures the financing of the Adler Group until mid-2025.

However, there is also talk of the fact that this applies even in the event that no further projects are sold.

Additional financial commitment takes pressure off

With an additional financial commitment of 937.5 million euros - at an interest rate of 12.5 percent - the group was relieved of the pressure "to have to sell assets at short notice and possibly well below book value".

For example, in the case of two Frankfurt development projects, one in the Ostend and the other in the Westend, Adler did exactly that and, according to its own statements, accepted a discount of 13.6 percent on the book value in each case.

Concrete amounts were not mentioned.

However, if the Adler management no longer feels compelled to deviate from price expectations from better times due to new financing commitments, this could prove to be tricky for further development at Kaiserlei.

Because it is reported that there are seriously interested investors, but they probably estimate the value of the project to be considerably lower than the Adler Group.

Discussions are within a price range from a high double-digit to a mid-three-digit million amount, is heard from the industry.

Hope to resell at reasonable price

Adler itself does not provide any information on the scope and content of the sales talks.

Irrespective of the current development, the group's goal is to create a modern quarter on the site, which offers not only residential units but also office space and other usable space.

They are in contact with the city of Offenbach and will inform them about any next steps in the sales process.

Offenbach's Lord Mayor Felix Schwenke (SPD) said when asked that the city hoped that the Adler Group would be able to sell the promising area to a new investor - at a reasonable price.

He did not answer the question of what "reasonable" meant from the city's point of view.

Previously, Schwenke, who is also the city's head of economic affairs, had repeatedly expressed his annoyance that this one project at the Kaiserlei was standing still, while several others on the area that the city wants to develop into an office location with a high quality of stay were being successfully advanced.

The latest project of this kind is the Omega complex, which the Viennese real estate developer Imfarr has bought and will be renovating in order to be able to adequately accommodate the German Weather Service as anchor tenant.