Consus Real Estate - Acquired by ADO Properties
On 29 June 2020, Consus Real Estate announced that ADO Properties is taking control of Consus following the exercise of its call option, bringing its total stake to over 75%. Consequently, Consus will shift its strategy from pure property development to a build-to-hold model. At end-June 2020, adjusted for recent disposals, its portfolio consisted of 39 projects with a gross development value (GDV) of €8.0bn, including c €2.6bn in forward-sold projects. As some initially planned new forward/ upfront sales will not be executed and will thus not contribute to FY20 earnings, management has withdrawn its guidance for adjusted EBITDA of €450m.CONSUS Real Estate AG is a Germany-based company specialized in the real estate sector. The Company specializes in the development of entire neighborhoods and standardized flats. Additionally, CONSUS Real Estate AG operates along the entire real estate development chain, which includes the acquisition, development & planning, forward sales, construction, hand-over, as well as letting of real estate developments and other services via its subsidiaries CG Gruppe AG and SSN Group AG. The Company reports its businesses into three main segments: Consus, which focusses on supporting the subsidiaries through head office functions; CG, which includes the development of real estate for residential and commercial use, as well as the renting of commercial and residential real estate services, and SSN, which encompasses the development of real estate for residential and commercial use. The Company is present in Berlin and Frankfurt, among others.
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