Consus signs further forward sale agreement for c. EUR 100m
Berlin, 8 January 2018 – Consus Real Estate AG (‘Consus’, ISIN DE000A2DA414, CC1) has forward sold the office and hotel development ‘No. 1’ in Mannheim, located at the main railway station, to an institutional purchaser. The transaction volume amounts to approx. EUR 100m.
Consus is developing a new hotel and office building in the up-and-coming Mannheim business district named ‘Glückstein’. On a 5,000 sqm plot, the development comprises six floors and a high-rise building named ‘Lindenhofplatz’. The total lettable area amounts to 20,000 sqm. “No.1 is a great project at the heart of this up-and-coming business district, where office and commercial rents are rising significantly,” said Michael Tockweiler, member of the Consus Extended Management Board.
Already c. 75% of the building is pre-let to office and retail tenants. Anchor tenants with long-term contracts are a well-known auditing firm with c. 5,000 sqm and an international four-star hotel with 150 rooms and 6,200 sqm. The contracts for two additional leases – with an e-commerce company and an IT consulting firm – were signed in October 2018. Consus is in promising negotiations regarding the remaining vacant space and expects it to be leased up shortly. The final handover of the project is expected by spring 2020.
Andreas Steyer, CEO of Consus, says: “Consus has again sold a great development to an institutional purchaser to successfully finish of the year. Once again we underline the viability of our business model.”
Consus Real Estate AG
Corporate Finance & Investor Relations
Consus Real Estate AG
Consus Real Estate AG (“Consus”) a leading German property developer with c. EUR 10bn in properties under development. The focus of the Company’s business activities lies on residential property in Germany’s top nine economic cities. Consus specialises in the development of entire neighbourhoods (‘quartiers’) and standardised flats. The use of forward sales to institutional investors, the digitalisation of construction processes and industrial series production 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 and SSN. Consus Real Estate AG’s shares are listed in the Scale segment of Deutsche Börse AG and m:access segment of the Munich Stock Exchange and are traded on XETRA in Frankfurt, among others.