Consus Real Estate AG (“Consus”) has renamed SSN Group AG to Consus Swiss Finance AG as part of the integration process following the acquisition at the end of 2018. Consus has strong foundations to achieve its growth, and this has been further strengthened by the integration of the SSN Group. Consus realised synergies through the consolidation of administrative control functions at Consus level and related actions. As a result, Consus Group is in a position to efficiently realise further growth.
In the future, SSN Group AG and its subsidiaries will operate uniformly under the CONSUS brand. SSN Group AG has been operating as Consus Swiss Finance AG since the end of August 2019. The project developments of the former SSN Group AG will be managed by Consus Development GmbH going forward. As part of the integration, Mr. Theodorus Simon Gorens, the CFO of the SSN Group, was appointed to the management board of Consus as Chief Risk Officer (CRO) and Deputy CFO on May 1, 2019.
The founder and former CEO of SSN Group, Michael Tockweiler, is leaving the Consus Group following the integration by mutual agreement with effect from the end of October 31, 2019 to focus on new challenges.
The integration of the financing process has already delivered strong results in reducing the financing costs of former SSN development projects. The average interest rate on EUR 410 million of project debt for three development projects will be reduced from 13.5% to 7.0% through successful refinancings.
Consus Real Estate AG (“Consus”) with its headoffice in Berlin is the leading pure-play property developer in the top 9 cities in Germany with EUR 9.6bn (GDV) in properties under development as per 31 March 2018. The Company focuses on residential property and specialises in the development of entire neighbourhoods (‘quartiers’) and standardised flats. The use of forward sales to institutional investors and the digitalisation of construction processes allow the Company to operate along the entire property development value chain. Consus implements projects – from the planning phase through to construction and transfer of ownership, as well as property management and the associated services. Consus’s shares are listed in the Scale segment of the
Frankfurt Stock Exchange and m:access segment of the Munich Stock Exchange and are traded on XETRA in Frankfurt, among others.
Anette von Zitzewitz
phone +49 171 2432736