KKR Real Estate Partners Europe II (EUR) SCSp, managed by KKR & Co. Inc. (NYSE:KKR) along with and other managed funds signed a definitive agreement to acquire Residential Real Estate Portfolio of 14,400 Units from Adler Group S.A. (XTRA:ADJ) for approximately €600 million on January 13, 2022. The portfolio will be managed by KKR’s portfolio company Velero. As part of the acquisition, all existing rental agreements, leases as well as 170 employees connected to the portfolio will be assumed. The transaction is structured as an asset deal and will help push Adler's loan-to-value ratio below 50%. The acquisition is subject to customary closing conditions for an asset deal and clearance by the German Federal Cartel Office.