CONSUS Real Estate AG
CONSUS Commercial Property AG Annual General Meeting approves 50-percent equity investment in CG Gruppe by overwhelming majority
DGAP-News: CONSUS Commercial Property AG / Key word(s): Real Estate/Capital Increase CONSUS Commercial Property AG Annual General Meeting approves 50-percent equity investment in CG Gruppe by overwhelming majority – Shareholders approve non-cash capital increase and 50-percent equity investment in CG Gruppe with a of over 99 percent – AGM adopts resolution to change company name to Consus Real Estate AG – Investment in CG Group to power CONSUS into a new dimension – CONSUS to become first listed integrated Real Estate Developer in Germany
Kickum pointed out the significance of the 50-percent equity investment in CG Gruppe, Germany’s second-largest project developer, announced in August: “We want to create a business model that synergistically combines portfolio management and development and is a sensible complement to our current approach. We want to create a business model that does not yet exist at the German Stock Exchange. We want to create a business model that offers our company completely new growth and earnings momentum going forward.” As described, CG Gruppe’s project portfolio has significant potential: From 2018 to 2022 alone, the company expects to generate aggregate revenue of more than EUR 3.5 billion. Cumulative earnings before interest, taxes, depreciation and amortisation (EBITDA) during this period are expected to amount to more than EUR 830 million. With a majority of 99,94%, shareholders adopted a resolution to increase CONSUS’s share capital by EUR 55,650,383.00 to EUR 79,850,383.00 through a non-cash capital increase with a mixed non-cash contribution in order to acquire Pebble Investment GmbH, which, in turn, holds the 50-percent equity stake in CG Group. The acquisition was announced by CONSUS in August. The new shares carry full dividend rights from 1 January 2017. The planned bond has a volume of EUR 150.0 million. The total value of the contribution is around EUR 743.4 million (see also press release dated 23 August 2017). The AGM also formally approved the actions of Thomas Olek, previously the sole member of the Management Board, and of the Supervisory Board for 2016 with a majority of 98,78% and 99,27%, respectively. Furthermore, shareholders elected Axel Harloff, Managing Director of ERWE Immobilien GmbH, Dr. Karl Kauermann, sole member of the Management Board of K.M.T. Immobilien AG, and Dr. Friedrich Oelrich, Speaker of the Management Board the Brainfama GmbH to the company’s Supervisory Board. After the close of the General Meeting, Axel Harloff was elected Chairman of the Supervisory Board. Under agenda item 10, the shareholders also adopted a resolution to relocate the company’s registered office from Leipzig to Berlin and change its name to Consus Real Estate AG. A total of 38,02% of CONSUS Commercial Property AG’s share capital was represented at the Annual General Meeting. About CONSUS Commercial Property AG CONSUS Commercial Property AG (“CONSUS”) is an opportunity-oriented commercial real estate investor focused on dynamically building an office property based portfolio. With a value-add approach and acquisitions resulting from unique situations, CONSUS looks to achieve an above-average increase in value and rental returns. Specializing in properties that have a market value of between 10 and 25 million Euros CONSUS is able to profit from a less competitive environment compared to other property sizes. With the attractive initial net yields that can be realized in the value-add segment of this size category, CONSUS believes it is very well positioned for different market cycles and financing environments. Active asset management serves to further increase property values, as well as higher rental income of the portfolio. Having developed professional, efficient business structures and liaising with leading partners for property acquisition, deal processing, and asset management, CONSUS expects to generate substantial funds from operations (FFO). Press contact:
29.09.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | CONSUS Commercial Property AG |
Landsteinerstraße 6 | |
04103 Leipzig | |
Germany | |
Phone: | +49 (0)341 / 26 17 87 – 0 |
Fax: | +49 (0)341 / 26 17 87 – 31 |
E-mail: | s.bronisz@consus-cp.de |
Internet: | http://consus-cp.de |
ISIN: | DE000A2DA414 |
WKN: | A2DA41 |
Listed: | Regulated Unofficial Market in Munich (m:access); Open Market (Basic Board) in Frankfurt |
End of News | DGAP News Service |