DGAP-News Consus Real Estate AG: Consus Real Estate continuing reducing cost of borrowing and streamlining Group structure

Nachrichtenquelle: EQS Group AG
27.11.2020, 22:17  |  135   |   |   

DGAP-News: CONSUS Real Estate AG / Key word(s): Quarterly / Interim Statement
Consus Real Estate AG: Consus Real Estate continuing reducing cost of borrowing and streamlining Group structure

27.11.2020 / 22:17
The issuer is solely responsible for the content of this announcement.


Consus Real Estate continuing reducing cost of borrowing and streamlining group structure

Berlin - 27 November 2020
. Consus Real Estate AG ("Consus", ISIN DE000A2DA414, CC1), a leading property developer in Germany's top 9 cities, today released its figures for the first nine months of 2020.

Theo Gorens, member of the Management Board of Consus, comments: "In face of the Covid-19 pandemic, we successfully achieved important strategic and operating milestones in the first nine months of 2020, in particular optimizing our development portfolio, streamlining our group structure and significantly reducing our cost of borrowing by substantially refinancing expensive mezzanine debt."

Resilient Q3 performance of the business despite Covid-19
Covid-19 had a significant impact on our operating environment. However, Consus continued to operate through the challenges and achieved some major milestones.
Total income of € 705.6 million increased year-on-year by 34.4%. Our key performance indicator, EBITDA pre-PPA and pre-one-offs (Adjusted EBITDA), reached € 193.2 million leading to an adjusted EBITDA pre-PPA margin of 27.4%. LTM Adjusted EBITDA reached € 252.5 million, reflecting the challenging economic conditions in 2020. Expensive mezzanine debt was reduced by approx. € 400m year-to-date, reducing the average interest rate materially.

Closing of acquisition of large-scale Düsseldorf project
The closing of the acquisition of the large-scale development project 'Grand Central' in the city center of Düsseldorf resulted in a GDV increase of € 0.6 billion. Pro-forma for the announced upfront sales from May 2020, the GDV of the portfolio will be € 8.6 billion across 40 projects. Consus' development portfolio is almost exclusively located in Germany's top 9 cities, with 92% of GDV in Germany's top 7 cities.

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DGAP-News Consus Real Estate AG: Consus Real Estate continuing reducing cost of borrowing and streamlining Group structure DGAP-News: CONSUS Real Estate AG / Key word(s): Quarterly / Interim Statement Consus Real Estate AG: Consus Real Estate continuing reducing cost of borrowing and streamlining Group structure 27.11.2020 / 22:17 The issuer is solely responsible for …

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