CONSUS Real Estate: More than 90 percent of “Mannheim Nr.1” already let
State of development underlines successful real estate development as core competence of Consus Real Estate Group
Berlin, 8. April 2019 – Already at the end of 2018, CONSUS Real Estate AG (“Consus”, ISIN DE000A2DA414, CC1) had forward sold “Mannheim Nr.1”, an office and hotel space located at the main railway station in Mannheim, to an institutional purchaser. The transaction volume amounted to approx. EUR 100m. Currently, the new office and hotel building, located in the Glückstein quarter and realised by Consus’ subsidiary SSN Group AG (“SSN”), has an occupancy rate of more than 90 percent.
The total rental area of the property under construction is around 23,000 square meters, of which around 14,000 square meters are planned for use as office space. The available office space in the building is already rented or reserved. The rental period starts on 1 March 2020. The Group is in ongoing negotiations with potential tenants regarding the gastronomy space still available on the ground floor, which is spread over a total of around 890 square meters. The new development project is scheduled for completion in the first quarter of 2020.
The new “Glückstein-Quartier” business district is one of the most important development projects in the Mannheim’s history and is located directly at the main railway station and only a few minutes away from its historic city centre. In the future, around 4,600 people will work on the 33-hectare site. Mannheim Nr.1 on the future “Lindenhofplatz”, which is being developed in partnership with the City of Mannheim, is a landmark project of SSN. On a site area of approximately 5,000 square meters, an architecturally and structurally ambitious office and commercial property with six base floors and a height of 23 meters as well as a 15-storey high-rise will be developed. The anchor tenant is the auditing company EY with around 5,000 square metres of lettable area and a Holiday Inn Hotel with 150 rooms spread over 6,200 square metres.
“With Nr.1, we are creating a popular rental space in the heart of Mannheim and are setting an architectonical highlight in a new and upcoming district,” explains Michael Tockweiler, CEO of SSN and member of the Extended Management Board of Consus. “The high level of occupancy before completion underscores the attractiveness of the Glückstein quarter in the growing city of Mannheim and in the Rhine-Neckar metropolitan region,” Tockweiler continued.
Andreas Steyer, CEO of Consus adds: “Consus Real Estate AG as the leading real estate developer in the top nine cities in Germany has a successful track record of project development. The current occupancy rate of Mannheim Nr.1 underlines this core competence of our Group.”
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About Consus Real Estate AG
Consus Real Estate AG (“Consus”) the leading German property developer in the top 9 cities with EUR 9.7bn (GDV) in properties under development as per 30 September 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 – via its subsidiaries CG Group AG and SSN GROUP. Consus Real Estate AG’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.