Consus obtains building permit for office development ‘Franklin House’ in Berlin
Berlin, 19 December 2018 – Consus Real Estate AG (“Consus”, ISIN DE000A2DA414, CC1) received the building permit from Berlin’s Charlottenburg-Wilmersdorf authority to construct the office project ‘Franklin House’.
A modern office building with a net floor area of 10,800 sqm spread over six floors and an upper storey will be developed. The property is located in the vicinity of the Berlin headquarters of the car manufacturers Porsche, VW, Audi and Mercedes in Charlottenburg. The start of construction will begin in February 2019 and is expected to be completed by mid-2020 once a forward sale agreement is signed. The project is already attracting considerable interest from institutional investors for a so-called forward purchase.
“The Berlin office market is experiencing a low availability of rental space and with our project we are developing some of the highly sought after space,” said Michael Tockweiler, member of the extended management board of Consus. “The Franklin House will meet the highest technical and sustainability standards and is expected to be certified LEED Gold”.
The modern office building, with its attractive appearance, central location and proximity to the city-west, is of high interest to potential tenants because the concept is based on a unique design grid that allows for a smart and flexible office use i.e. open space, individual and group offices. There will be an underground car park with 62 parking spaces for cars and 80 bicycle parking spaces.
Andreas Steyer, CEO of Consus, says: “Shortly after the acquisition of SSN Group AG, we kick-start with this building permit and are very pleased to add another milestone under the umbrella of Consus.”
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.