Consus Real Estate, based in Berlin, is the leading listed residential real estate developer in the nine largest cities in Germany. Following acquisition of SSN Group, the company’s portfolio consists of 68 projects with a gross development value of €10bn.
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planned new forward/ upfront sales will not be executed and will thus not contribute to FY20 earnings, management has withdrawn its guidance for adjusted EBITDA of €450m.