The Steglitzer roundabout, which had been empty for many years and has been converted into a chic, expensive high-rise residential 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 to build 330 condominiums after the publicly financed asbestos removal. Planned completion: December 2022.
However, Gröner’s company is now a subsidiary of Consus Real Estate and has been renamed Consus RE AG. Gröner still holds 6 percent of the Consus shares and switched to the company’s supervisory board, which is considered to be Germany’s largest property developer.
The thunderclap followed on Monday: The real estate giant ADO Properties announced that “it would acquire control over Consus Real Estate”. So far, ADO has held a quarter of the shares.
The acquisition complements the recent merger of ADO and the real estate group Adler Real Estate, the statement said. This creates the fourth largest listed residential property company in Europe.
The value of the ADO portfolio thus increases to around 14 billion euros. At the same time, ADO is increasing its presence in seven major German cities, including Berlin.
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ADO wants to make a lucrative offer for shareholders with minority interests, including Gröner, to buy them out. In the end, the Steglitzer roundabout will merge into the new ADO Properties / Adler empire. So far, Consus has not replied to a request from Tagesspiegel about what this means for the planned residential tower at the end of Steglitzer Schloßstraße.
The ADO coup also affects other residential projects in Berlin
The transaction also affects other large real estate projects in Berlin, for example the Forum Pankow, the luxury residential project “Wilhelm” not far from the Brandenburg Gate, the Franklinhaus and the Quartier Bundesallee.
Nationwide, Consus has parted with a series of development projects with a value of two billion euros since the beginning of the year in order to reduce the company’s debt. The company’s share, which was quoted at around 11 euros three years ago, is currently worth just under 6 euros.
