Consus breaks ground at Ernst-Reuter-Platz and starts selling process for condominiums at Steglitzer Kreisel

Berlin, 2 October 2018 - CONSUS Real Estate AG ("CONSUS", ISIN DE000A2DA414) achieved major milestones for two projects in Berlin. Recently, Consus successfully broke ground at Ernst-Reuter-Platz in Berlin Charlottenburg for its development of 141 apartments and an underground car park. For the landmark building Steglitzer Kreisel, Consus started the sale process of the 330 condominiums. These development projects have a combined gross development volume (GDV) of more than EUR 250m.

Successful ground breaking in Berlin Charlottenburg

For the development of 141 apartments with a size ranging from 35 to 161 sqm in Charlottenburg, at Fraunhoferstrasse, Consus successfully broke ground. Approx. 11,000 sqm residential space and an underground car park will be constructed on the 4,300 sqm land plot. The building will be a strong addition to the central western city district, which is characterized by research, work and shopping but lacks the critically required residential space.

The project has been forward sold to an institutional investor for approx. EUR 60m. The completion of the building complex is planned for summer 2020.

Condominiums sales process starts for ÃœBerlin - Steglitzer Kreisel

The Steglitzer Kreisel, which is already under construction, started the sales process of 330 condominiums. The different apartment locations and sizes for the range from 46 to 230 sqm and offer a broad spectrum of acquisition opportunities for the already large number of national and international parties who have already registered interest.

The deconstruction of the facade will begin in the near term and the overall conversion towards the be visible from the outside. The project has a gross development volume (GDV) of approx. EUR 195 million and is scheduled for completion in 2021.

Jürgen Kutz, Member of the extended Management Board of Consus and COO of CG Gruppe AG: "We are pleased to add high quality living space to the Residence at Ernst-Reuter-Platz and look forward to celebrating the beginning of construction next summer. In addition, we have already registered a long list of reservations for our high profile Steglitzer Kreisel project. The complex preparations for the official start of the sales process have been completed and are on track. We are delighted to officially start the sales process now."

Andreas Steyer, CEO of Consus, adds: "With the achievement of the two milestones, we again underline our expertise in construction and sales. Consus is working successfully and according to plan on the project development portfolio. We will be able to announce further successes in the near future."
 

Contact
CONSUS Real Estate AG
Jan-Philipp Ansorg
Corporate Finance & Investor Relations

 

About CONSUS Real Estate AG
Consus Real Estate AG ("CONSUS"), based in Berlin, Germany, with its subsidiary CG Gruppe AG, is a leading developer of residential real estate properties in the country's Top 9 cities. With a gross development value of EUR 5.3bn CONSUS focuses on the construction of standardised apartment blocks. CONSUS acts along the entire development value chain with institutional forward sales, digitalization of construction processes and industrial mass production. The shares of CONSUS are listed in the Scale Segment of Deutsche Börse AG and in the m:access segment of the open market (Freiverkehr) of the Munich Stock Exchange (Börse München), and are traded via XETRA in Frankfurt.