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CONSUS Real Estate AG: Consus Real Estate AG divests 8 development projects with a GDV of EUR 2.0 billion

CONSUS Real Estate AG / Key word(s): Disposal/Real Estate
CONSUS Real Estate AG: Consus Real Estate AG divests 8 development projects with a GDV of EUR 2.0 billion

20-May-2020 / 04:07 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Berlin, 20 May 2020 – Today, the Management Board of Consus Real Estate AG (“Consus”), with the approval of the Supervisory Board, has resolved to divest 8 development projects with a GDV of EUR 2.0 billion. The development projects have been sold to Partners Immobilien Capital Management, a real estate fund, at a premium to the market values appraised as of 31 December 2019. The parties have agreed not to disclose the selling price. Consus will reduce its project finance debt due to this transaction by around EUR 390 million.

Following this transaction, and combined with the impact of the previously announced divestments, the GDV will decrease to around EUR 8.0 billion and the number of development projects will decrease to 40.
The divestment is subject to closing adjustments and conditions, and is expected to close in Q3 2020.

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Information and Explanation of the Issuer to this News:

About Consus Real Estate AG
Consus Real Estate AG (‘Consus’), with its headquarters in Berlin, is the leading real estate developer in the top 9 cities in Germany. As of 31 December 2019, Consus’ development portfolio had a gross development value (GDV) of EUR 12.3 billion. Consus focuses on the development of neighbourhoods and standardised multi-storey residential construction, which are sold to institutional investors through forward sales. Due to its own construction expertise and the digitalisation of construction processes, Consus operates along the entire value chain of real estate development. Consus provides the realisation of projects from planning and execution to handover, property management and related services through its subsidiaries Consus RE AG and Consus Swiss Finance AG. The shares of Consus are included in the scale segment of the Frankfurt Stock Exchange and the m:access segment of the Munich Stock Exchange and are traded via XETRA in Frankfurt, among others.

20-May-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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