CONSUS REAL ESTATE AG: Substantial milestones in project developments achieved
Berlin, 30 July 2018 – CONSUS Real Estate AG (“CONSUS”, ISIN DE000A2DA414) via its subsidiary company CG Gruppe in its core business unit “Development and Production of residential properties” has achieved several substantial milestones in the completion of acquisition of land plots, placement of projects and completion of constructions works.
Cologne: Cologneo I – Urban quarter at “Mühlheimer Hafen”
In Cologne the building right was secured for project Cologneo I. Until 2021 CG Gruppe will build almost 500 apartments with approximately 34,000 square meters. In addition approximately 60,000 square metres of commercial space for retail, office and culture in addition to a day-care centre and a car park are being built through existing and new buildings. The acquisition of the adjacent Cologneo II area at “Auenweg” with a size of approximately 4 hectares, which was announced in April 2018, has in the meantime been closed. Along with the additional acquisition of the Cologneo III land plot, the land consolidation in this urban area has been completed. 295 residential units totalling approximately 27,500 square metres are planned on the Cologneo III land plot. “The result is an urban development project which emerges through the modern revitalisation and conversion of the urban district, which was previously used by the former industrial buildings of Klöckner Humboldt Deutz AG.”, explains Jürgen Kutz, board member of CG Gruppe.
The preparation of development plans for Cologneo II and III is currently in progress. Cologneo III is scheduled to be completed by the end of 2022 following the completion of Cologneo I and Cologneo II.
In total, the gross development value (GDV) amounts to approximately EUR 844 million for the group for the development of the urban district.
Frankfurt am Main – Successful partial sale
In the sought after quarter Frankfurt Westend, the sales process of the historical residential project Grand Ouest is progressing well. More than half of the 164 condominiums which are being built in the old “Postdirektion” building directly opposite of the Frankfurt Messeturm, have already been sold.
In the Grand Ouest project high-quality 1-3-room-apartments with 30-110 square metres are being built by 2020 over six floors. The neo baroque building is under historic monument protection. “Equipped with balconies, terraces and rooftops the project provides an ambiance comparable to a historical five-star hotel” explains Jürgen Kutz.
Leipzig – Project completed
The Gründerzeit (founding epoch) building, which was built in 1914 in the Art Déco style, is also under historic monument protection and was refurbished to the highest standards and completed. Particular emphasis was given to the reconstruction of historical windows of interior doors as well as wall paintings and tile decorations in the stairway. Monumental protection especially in Leipzig is a quality criteria for CG Gruppe.
13 condominiums with 2 to 5 rooms and 56 to 145 square metres were developed in the urban villa Stötteritz at the junction Naunhofer Strasse / Kommandant-Prendel-Allee. In total, 1,275 square metres of residential area across five floors were developed and construction works completed.
Andreas Steyer, CEO of Consus and Chairman of the Supervisory Board of CG Gruppe: “The operational milestones achieved in three of our nine core cities demonstrate how dynamically the development business of our subsidiary CG Gruppe is progressing. New subprojects in Cologne were expanded, and clear successes have been achieved with the sales and completion of projects in Frankfurt and Leipzig. We have thus demonstrated that CONSUS delivers across the entire development value chain and that the industrialisation of the residential properties development business is advancing. Through the recently completed capital raising the execution of our ambitious growth strategy and the expansion of our position as a leading German residential developer is further accelerated.”
Wallstrasse 16, 10179 Berlin
+49 (0) 30 28 44 987-62
Consus Real Estate AG
Andreas Steyer, CEO
About Consus Real Estate AG
Consus Real Estate AG (“CONSUS”), based in Berlin, Germany, through its subsidiary CG Gruppe AG, is a leading developer of residential real estate properties in the country’s Top 9 cities. CONSUS focuses on and has a strong track record of institutional forward sales, digitalization and industrial mass production along the entire development value chain. The shares of CONSUS are listed on the m:access segment of the open market (Freiverkehr) of the Munich Stock Exchange (Börse München), and are traded via XETRA in Frankfurt.