Real estate group Ado takes over project developer Consus

House of Ado Properties in Berlin

The rental cap in the capital puts pressure on Ado.

(Photo: Ado Properties)

Frankfurt The housing company Ado Properties initiates the takeover of the project developer Consus Real Estate. First, Ado exercises a purchase option for Consus that was agreed in December and then submits a takeover offer to the minority shareholders, as the housing company announced on Monday.

According to Ado, it already has commitments to secure more than 80 percent of Consus. The takeover creates the fourth largest listed housing company in Europe. The Ado previously listed in the SDax will thus be large enough to move up to the MDax small cap index.

Ado intends to finance the takeover with a capital increase worth 450 million euros. In addition, the shareholders must waive the dividend for 2019. The Consus majority shareholder Aggregate receives 0.239 Ado shares per Consus share, the minority shareholders should receive the same offer.

Ado, once only represented in Berlin, had recently merged with Adler Real Estate, which is active in northern Germany, under the pressure of the rental cover in the capital. With the takeover of Consus, Ado, which will soon be renamed Adler, secures supplies of rental apartments. In the coming years, the project developer plans to build more than 10,000 apartments in the seven largest German cities.

More: Vonovia boss Rolf Buch: “I’m worried about Berlin”.

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