Consus completes acquisition of remaining 25% minority stake in Consus RE
Berlin, 9 July 2020: In line with the ongoing integration of operations and streamlining of its group structure, Consus Real Estate AG (“Consus“) has completed the acquisition of the remaining 25% minority stake (on a fully diluted basis) in Consus RE AG (formerly CG Gruppe AG) (“Consus RE“) against EUR 27.5m in cash and 24.75 million Consus shares. The management board of Consus, with the approval of the supervisory board, has resolved to increase the share capital by issuing 24.75 million new registered non par-value shares with a notional value of EUR 1.00 each against contribution in kind. The implementation of the capital increase was registered with the commercial register on June 22, 2020.
Following completion, Consus RE is a wholly-owned subsidiary of Consus and Consus intends to convert Consus RE to a limited liability company (GmbH). As a supervisory board is no longer required upon conversion, Christoph Gröner will therefore also resign as a supervisory board member of Consus RE. The integration is expected to be completed in Q3 2020.
Andreas Steyer, CEO of Consus Real Estate, commented “The acquisition of the minority in Consus RE, our largest subsidiary, and the conversion into a GmbH are the final steps in integrating our corporate structure and streamlining our operations.”
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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 March 2020, Consus’ development portfolio had a gross development value (GDV) of EUR 12.3 billion. Pro forma for the two upfront sales announced in May 2020, the development portfolio has a GDV of EUR 8.0 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.