CONSUS Real Estate AG: Successful Development of Urban Quarters in Frankfurt/Main: Grand Ouest, Westend Ensemble and Kaiserlei Quartier progressing well
Successful Development of Urban Quarters in Frankfurt/Main: Grand Ouest, Westend Ensemble and Kaiserlei Quartier progressing well
Majority of condominiums in Grand Ouest already sold
Building permit for Westend Ensemble envisaged for second quarter 2019
Berlin, 12 March 2019 – CONSUS Real Estate AG (“Consus”, ISIN DE000A2DA414, CC1) is making good progress with its urban quarter development projects in Frankfurt/Main. The ceremonial laying of the cornerstone for Project “Grand Ouest” in Frankfurt’s Westend was celebrated beginning March 2019. The “Grand Ouest” is a modern residential building with 164 condominiums and 32 underground parking spaces. The apartments will be constructed behind the listed, refurbished facade of the former Regional Post Directorate (Oberpostdirektion) and will be ready for occupation most likely through 2020. At present, 120 condominiums, i.e. 73% of the overall area, are already sold. The GDV of Grand Ouest amounts to approx. EUR 92 million and the overall area comprises 9,108 m2.
In the immediate neighbourhood of Grand Ouest is the new Westend Ensemble quarter, where Consus has planned and is developing a mixed urban quarter with apartments, offices and commercial space. The Westend Ensemble quarter comprises 15,000 m2 of living space as well as 5,000 m2 of rentable commercial space, together accounting for a total GDV of EUR 207 million. In addition to the development of the 240 apartments, the residents will benefit from the development of 300 underground parking spaces, office spaces, a nursery school, a post office and restaurants. The beginning of the construction is planned for 2020 and the completion of the project is planned for 2022/2023.
At the outskirts of the city of Frankfurt is the Offenbach Kaiserlei, where we are developing another urban living and commercial space quartier with the projects “Vitopia Kampus Kaiserlei” and “New Frankfurt Towers”. The separate projects are expected to be completed between 2020 and 2023. Approximately 838 residential units will be constructed on a gross floor area of 121,000 m², together with up to 565 parking spaces of which 140 will be dedicated for electric cars. The development will also include a hotel, a nursery school, a swimming pool, a fitness centre and several retail stores and will be benefiting from green technology. A large geothermal facility, photovoltaics facility and solar thermal energy facility create a renewable energy mix. The GDV of the New Frankfurt Towers project amounts to EUR 409 million and approximately 69% of the project are already forward sold.
Consus is planning and developing these projects through its subsidiary CG Group AG. “With regard to GDV, we are a leading real estate development company in Germany in the residential property market. In particular in Frankfurt/Main, we are substantially helping to cope with the huge demand for affordable housing. Our subsidiary CG Group AG has extensive and long-standing expertise in the successful development of residential property, closely adjusted to local needs” says Andreas Steyer, CEO of Consus Real Estate AG, and adds: “Consus is developing projects for modern, affordable housing adapted to the urban landscape in Germany’s top nine Cities where demand is the highest. With that focus, we are growing quickly while successfully complying with all stakeholders’ requirements and responsibly fulfilling our socio-political aspirations and mission to create affordable housing”
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About Consus Real Estate AG
Consus Real Estate AG (“Consus”) a leading German property developer with EUR 9.7bn (GDV) in properties under development as per 30 September 2018. The Company focuses on residential property in Germany’s top nine cities. Consus 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 and SSN. 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.