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Consus Real Estate AG: S&P outlook revised to positive on new minority shareholding of ADO Properties; 'B' affirmed.

Consus Real Estate AG ("CONSUS"): S&P Global Ratings (S&P), today announced an upgrade of CONSUS' rating outlook from 'stable' to 'positive', and affirmed the 'B' rating for the company and 'B-' for the secured notes.

The positive outlook reflects S&P's view that CONSUS' creditworthiness could improve if ADO Properties S.A. ("ADO") acquires another 51% of Consus' share capital via its call option and takes control of the company within the next 18 months. (the maximum timeframe to exercise the call option).

In addition, S&P states in its rating report that CONSUS could benefit from extraordinary support from the combined entity upon the execution of the call option for a 51% stake, assuming CONSUS successful integration with ADO. The positive outlook indicates that S&P could raise its ratings on CONSUS by up to four notches if ADO were to exercise its call option and take a controlling stake in Consus.

About Consus Real Estate AG
Consus Real Estate AG ("CONSUS") with its headquarters in Berlin is the leading property developer in the top 9 cities in Germany. The development portfolio of CONSUS had a gross development value (GDV) of EUR 10.3 bn as of 30 September 2019. CONSUS focuses on the development of entire neighbourhoods ('quartiers') and standardised flats that it forward sells to institutional investors. The in-house construction expertise and the digitalisation of construction processes allow CONSUS to operate along the entire property development value chain. CONSUS implements development projects from planning through construction to transfer of ownership, as well as delivering property management and related services through its subsidiaries CG Gruppe AG and Consus Swiss Finance AG. CONSUS' shares are included in the Scale segment of the Frankfurt Stock Exchange and the m:access segment of the Munich Stock Exchange and are traded on XETRA in Frankfurt, among others.

Important notice
This publication may not be published or distributed, directly or indirectly, in the United States of America (including its territories and possessions), Canada, Australia or Japan or any other jurisdiction where such an announcement would be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This publication is for information purposes only. It does not constitute an offer to purchase, sell, exchange or transfer any securities or a solicitation to submit an offer to purchase securities of Consus Real Estate AG in Germany or any other jurisdiction. Neither this announcement nor its content shall form the basis of an offer in any jurisdiction. In particular, this publication is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the 'Securities Act'). The securities of Consus Real Estate AG have not been, and will not be, registered under the Securities Act.

In the United Kingdom, this publication is being directed only at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the 'Order') or (ii) persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, partnerships, etc.) (all such persons together being referred to as 'Relevant Persons'). This publication is directed and distributed only to Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this publication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

This announcement and any offer if made subsequently is directed exclusively in member states of the European Economic Area (the "EEA") at, persons who are "Qualified Investors" within the meaning of Article 2(e) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market. No action has been taken that would permit an offer or a purchase of the securities or distribution of this publication in any jurisdiction where such action would be unlawful. Persons who are in possession of this announcement are required to inform themselves about and observe any such restrictions.

To the extent that this announcement contains forward-looking statements, such statements do not represent facts and are characterised by the words 'expect', 'believe', 'estimate', 'intend', 'aim', 'assume' or similar expressions. Such statements express the intentions, opinions or current expectations and assumptions of Consus Real Estate AG and are based on current plans, estimates and forecasts which Consus Real Estate AG has made to the best of its knowledge, but which do not claim to be correct in the future. Forward-looking statements are subject to risks and uncertainties that are difficult to predict and usually cannot be influenced by Consus Real Estate AG. It should be kept in mind that actual events or developments may differ materially from those contained in or expressed by such forward-looking statements.