Consus Real Estate, based in Berlin, is the leading, listed residential real estate developer in Germany. The company’s development portfolio consists of 49 projects across nine cities with a gross development value of €5.3bn. It also owns a small commercial assets portfolio.
Investment summary
In FY18 Consus completed its transformation into the largest listed pure-play residential real estate developer in the top nine cities in Germany and will now focus on optimising its operations. With a relatively young portfolio representing €9.6bn of gross development value (GDV), Consus expects a significant increase in earnings as key projects progress beyond the planning stage. The strong forecast consensus earnings growth in 2019–2021 should be further assisted by improving rental income multiples at which projects are sold and ongoing digitalisation. This is illustrated both in the management guidance and current market consensus.
