May 8, 2020 / 7:21 AM / a month ago

BRIEF-CONSUS Real Estate Divests 17 Projects With GDV Of EUR 2.3 Bln

May 8 (Reuters) - Consus Real Estate AG:

* CONSUS REAL ESTATE AG DIVESTS 17 DEVELOPMENT PROJECTS WITH A GDV OF EUR 2.3 BILLION AND INTENDS TO FULLY ACQUIRE CONSUS RE GMBH IN CONNECTION WITH A CAPITAL INCREASE BY CONTRIBUTION IN KIND

* CONSUS WILL REDUCE ITS PROJECT FINANCE DEBT BY AROUND EUR 475 MILLION DUE TO THIS TRANSACTION, AND RECEIVE A MATERIAL CASH PAYMENT

* ACQUISITION OF MINORITY STAKE WILL BE STRUCTURED BY WAY OF A CAPITAL INCREASE AGAINST CONTRIBUTION IN KIND WITHOUT SUBSCRIPTION RIGHTS FOR SHARE COMPONENT

* FOLLOWING THIS TRANSACTION, GDV WILL DECREASE FROM EUR 12.3 BILLION TO EUR 10.0 BILLION

* DIVESTMENTS AND CAPITAL INCREASE BY CONTRIBUTION IN KIND ARE EXPECTED TO CLOSE NOT LATER THAN IN Q3 2020. Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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