Overview
- The shareholder ballot held Tuesday won support from 86 percent of holders by headcount but those votes represent just 71.04 percent of fund capital, short of the 75 percent capital majority required to approve a sale.
- Manager Jagdfeld says it will continue to seek a buyer and had set a minimum price of €280 million, but its proposed tiered success fee that can pay roughly 20 percent on excess proceeds helped drive opposition from larger investors.
- The Adlon is owned by Fundus-Fonds 31, a closed-end vehicle with about 4,000 mainly private investors, a structure that limits liquidity and makes major decisions dependent on high capital thresholds.
- Kempinski remains the hotel operator under a lease that runs until the end of 2032, so any ownership change before then would not alter who runs the hotel day to day.
- The vote keeps open a bitter choice between securing exits for aging small investors and addressing larger shareholders’ complaints about fees and price, and it could prompt Jagdfeld to revise terms or seek targeted buyers next.