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DGAP-Ad-hoc: CONSUS Real Estate AG / Key word(s): Disposal/Real Estate
CONSUS Real Estate AG: Consus Real Estate AG divests 17 development projects with a GDV of EUR 2.3 billion and intends to fully acquire Consus RE GmbH in connection with a capital increase by contribution in kind
08-May-2020 / 09:12 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Berlin, 8 May 2020 - Today, the Management Board of Consus Real Estate AG ("Consus"), with the approval of the Supervisory Board, has resolved to divest 17 development projects with a GDV of EUR 2.3 billion. The development projects have been sold to Gröner Group GmbH, which is controlled by Christoph Gröner, for a premium to the market values appraised as of 31 December 2019. Consus will reduce its project finance debt by around EUR 475 million due to this transaction, and receive a material cash payment.
Following this transaction, the GDV will decrease from EUR 12.3 billion to EUR 10.0 billion and the number of development projects will decrease from 65 to 48.
In addition to the divestments, the Management Board has in principle resolved, with the approval of the Supervisory Board, to acquire the outstanding 25% minority stake in Consus RE AG (on a fully diluted basis) primarily for new shares in Consus and a cash component. The acquisition of the minority stake will be structured by way of a capital increase against contribution in kind without subscription rights for the share component. The minority stake shall be acquired from a current shareholder of Consus RE AG, which is controlled by Christoph Gröner.
The divestments and the capital increase by contribution in kind are expected to close not later than in Q3 2020.
Contact:
Investor Relations
phone +49 30 96535790264
investors@consus.ag
Information and Explanation of the Issuer to this News:
About Consus Real Estate AG
Consus Real Estate AG ('Consus'), with its headquarters in Berlin, is the leading real estate developer in the top 9 cities in Germany. As of 31 December 2019, Consus' development portfolio had a gross development value (GDV) of EUR 12.3 billion. Consus focuses on the development of neighbourhoods and standardised multi-storey residential construction, which are sold to institutional investors through forward sales. Due to its own construction expertise and the digitalisation of construction processes, Consus operates along the entire value chain of real estate development. Consus provides the realisation of projects from planning and execution to handover, property management and related services through its subsidiaries Consus RE AG and Consus Swiss Finance AG. The shares of Consus are included in the scale segment of the Frankfurt Stock Exchange and the m:access segment of the Munich Stock Exchange and are traded via XETRA in Frankfurt, among others.
08-May-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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