Consus agrees to takeover of €1.1b SSN Group

Consus Real Estate, the Berlin-based German property developer, has agreed to a €1.1 billion ($1.3 billion) takeover of fellow developer SSN Group.

Through this acquisition, Consus will significantly increase its gross development volume (GDV) from €6.2 billion to €9.6 billion ($7.1 billion to $11 billion), as well as the overall number of projects from 53 to 65.

“With the acquisition of SSN we are significantly strengthening our position as Germany’s largest property developer with a GDV of almost €10 billion ($11.5 billion), focusing on the highly sought after residential segment,” said Andreas Steyer, CEO of Consus. “The fragmented development market in Germany provides for significant growth opportunities. Consus will play a leading role to further build out the first fully integrated listed German development platform.”

The transaction is expected to be completed within the fourth quarter 2018.