CONSUS received building permit for development in Frankfurt Westend
Berlin, 24 September 2018 – CONSUS Real Estate AG (“CONSUS”, ISIN DE000A2DA414) received the provisional building permit for the second construction phase of the Westend ensemble opposite of Frankfurt’s iconic Messeturm (Trade Fair Tower). The existing office block is expected to be converted by 2022 into mixed-use premises with 243 apartments as well as office and retail spaces with a net floor area totalling 21,200 m². The gross development volume (GDV) amounts to EUR 216m.
Jürgen Kutz, member of the Extended Executive Committee of CONSUS and COO of CG Gruppe: “This project is aligned with our philosophy of developing mixed use and integrated neighbourhoods for living and working. Besides the space optimised residential units, we are developing a day-care centre, post office and grocery shops to provide the highest degree of comfort and quality of living for the future residents.”
The modern façade and staggered floors are combined with a semi-closed inner courtyard that will create a contemporary residential experience. The execution planning for building part B, has already started. An experienced team of construction planners and architects from Frankfurt have been appointed for this task. The historical part of the building ensemble Grand Ouest and part B of the building are technically separated and the current building connection will be demolished.
Construction of part B of the building is expected to begin at the end of this year and the sale of apartments in 2019.
The refurbishment of the historical part of the building of the former Frankfurt Oberpostdirektion (historic post office) was already approved and is currently under construction. More than half of the 164 freehold apartments have already been sold.
With this project, CG Group further underlines its record of delivery in receiving planning and construction permits from municipalities and authorities. This provides a highly efficient project execution and long term value creation for the CONSUS Group.
CONSUS Real Estate AG
Corporate Finance & Investor Relations
About CONSUS Real Estate AG
Consus Real Estate AG (“CONSUS”), based in Berlin, Germany, with its subsidiary CG Gruppe AG, is a leading developer of residential real estate properties in the country’s Top 9 cities. With a gross development value of EUR 5.3bn CONSUS focuses on the construction of standardised apartment blocks. CONSUS acts along the entire development value chain with institutional forward sales, digitalization of construction processes and industrial mass production. The shares of CONSUS are listed in the Scale Segment of Deutsche Börse AG and in the m:access segment of the open market (Freiverkehr) of the Munich Stock Exchange (Börse München), and are traded via XETRA in Frankfurt.