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ADO Properties acquires control in developer Consus

ADO Properties S.A. has resolved today to acquire control of developer Consus Real Estate AG. The acquisition complements the recent combination of ADO and Adler Real Estate AG, creating the fourth largest listed residential real estate company in Europe by GAV and consolidating the group as a leading residential real estate company in Germany.

With Consus, ADO acquires the residential real estate developer in Germany with a unique pipeline of more than 10,000 high quality newly built apartments in the Top 7 German cities which will organically grow ADO´s portfolio to c. €14 billion following completion. The transaction will further enhance the quality of the asset base and will drive future NAV generation to more than €70 NAV per share (before rights issue TERP adjustment) while at the same time increasing the presence in the Top 7 German cities where demand for housing is strongest.

With Consus, ADO has secured land plots for residential development that will provide new highly sought rental apartments through development of more than 10,000 residential units in the Top 7 German cities where demand has increased significantly due to urbanisation. The German Federal Government has estimated that, in order to resolve the housing shortage, the completion of 375,000 new dwellings per year is required. Although the number of permits granted increased by 4.5% to 110,600 in the first four months of 2020, completions fall shy of these targets. ADO will work closely with the local municipalities to reduce the housing shortage in Germany.