Property firm Consus takes over SSN, strengthens position in Germany
German property firm Consus Real Estate has increased its gross development volume (GDV) by 55% to €9.6bn with the acquisition of SSN Group.
The listed residential developer said it is buying 93.4% of the shares in the Swiss commercial property developer through a combination of cash and shares, a deal which gives SSN an enterprise value of around €1.1bn. The purchase price will be financed by cash on balance and a €250m acquisition facility from JP Morgan.
Following the acquisition, which is expected to be completed in the current quarter, Consus will increase its GDV from €6.2bn to €9.6bn as well as the overall number of projects from 53 to 65.
Andreas Steyer, the CEO of Consus, said: “With the acquisition of SSN we are significantly strengthening our position as Germany’s largest property developer with a GDV of almost €10bn, focussing on the highly sought after residential segment.
“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.”
Michael Tockweiler, the CEO of SSN Group, said: “The acquisition gives us an excellent access to financing and allows us to continue to build on our strong financial base. This creates exciting growth potential for the entire SSN Group.”