Despite the financial turmoil of the Adler Group, the city of Fellbach assumes that the 107-meter high tower will be completed. The large crane announced for the summer has not yet been deployed by the customer.
A tiresome topic is and remains the construction or completion of the Schwabenland Tower. The Fellbach city administration has no new information on how and when the 107-meter-high construction will continue. The big crane that was last announced for the summer has not yet been raised, and the financial turmoil of the Adler Group as a client is becoming more and more serious.
The Adler group is in deep red
The Adler Group describes itself as “one of Germany’s leading housing companies”. But the company is deep in the red, balance sheets are said to be bloated. Last fiscal year saw a loss of billions, the stock market has continued to fall, and concern about the company is growing. The Annual General Meeting of Adler Real Estate-Aktiengesellschaft took place recently, but the management of Adler had proposed to postpone the decision on the dismissal of the Management Board and the Supervisory Board for the financial year 2021. However, it seems that the group has not yet found an auditor who would be willing to check the Adler Group’s figures.
Meanwhile, reports are circulating that Adler is trying to sell large-scale apartments in various locations. Fellbach has yet to appear in this regard. The mayor of Fellbach, Beatrice Soltys, explains when asked that regular “travel arrangements” between representatives of the Fellbach city administration and the Adler Group are still underway. She has no new information about the crane. However, due to the large area of the construction site, it could be erected without having to obtain permission for a temporary road closure from the city of Fellbach.
The plan was for the first tenants to move in in 2023
194 apartments will be built in the tower, three times more than planned after construction was halted at the end of 2016. Last year, representatives of the Adler Group explained to the Fellbach city council that the very large crane was coming soon – this project has now been postponed several times for a variety of reasons – and that the first tenants could move in in 2023. . As things currently stand, it may no longer be possible to meet this time frame.