Is the G in the top silent
Steglitzer Kreisel changes hands : A new real estate giant is emerging, with houses in Berlin
The Steglitzer Kreisel, which stood empty for many years and has been converted into a chic, expensive high-rise apartment building for three years, will soon change hands again. In July 2017, the real estate entrepreneur Christoph Gröner and his CG group bought the 120-meter-high building in order to build 330 condominiums there after the publicly financed asbestos removal. Planned completion: December 2022.
But now Gröner's company is a subsidiary of Consus Real Estate and has been renamed Consus RE AG. Gröner still holds six percent of the Consus shares and has moved to the supervisory board of the company, which is considered Germany's largest real estate developer.
The clap of thunder followed on Monday: The real estate giant ADO Properties announced that it would “acquire control of Consus Real Estate”. So far, ADO already held a quarter of the shares.
The takeover complements the recent merger between ADO and the real estate group Adler Real Estate, the announcement said. This creates the fourth largest listed residential property company in Europe.
The value of the ADO portfolio increases to around 14 billion euros. At the same time, ADO is increasing its presence in seven major German cities, including Berlin.
[Where are new apartments being built - specifically in your neighborhood? One of the top topics in our newsletters from the twelve Berlin districts. The newsletter is available for free and quickly here: people.tagesspiegel.de]
ADO wants to make a lucrative offer to the shareholders with minority interests, including Gröner, to buy them out. In the end, the Steglitzer Kreisel will pass into the new empire of ADO Properties / Adler.
However, the announced change in the majority at Consus Real Estate "has no relation to the construction project on the Steglitzer Kreisel and has no impact on the project," assured a company spokeswoman on request.
The construction activity is currently reduced "for technical reasons", said the spokeswoman. "But we expect to be able to start building activity again soon".
The ADO coup also affects other residential projects in Berlin
Other large real estate projects in Berlin are also affected by the transaction, for example the Forum Pankow, the luxury residential project “Wilhelm” not far from the Brandenburg Gate, the Franklinhaus and the Bundesallee district.
Nationwide, Consus has parted with a number of development projects worth two billion euros since the beginning of the year in order to reduce the company's debt. The company's share, quoted three years ago at around 11 euros, is currently worth just under 6 euros.
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