Consus Real Estate  9.625% 15 May 2024

Business Description

Consus Real Estate AG (“Consus”) is the largest German real estate developer with c.€10bn of property under development. The company is headquartered in Berlin and operates 68 sites across 9 of Germany's top cities.

Consus specialises in large scale real-estate projects, such as the development of entire neighbourhoods (known as ‘quartiers’). Projects are forward sold to institutional buyers such as BNP Paribas, Hannover Leasing and Commerzbank. Forward selling projects provides management & investors with good visibility over the company's future cash flows.

The company operates along the entire real estate development value chain. From acquiring and developing sites to letting and providing other services in connection therewith via its subsidiaries CG Gruppe AG and SSN Group AG.

Equity is traded on the Frankfurt Stock Exchange.

Bond Information

Coupon

9.625%

Maturity Date

15 May 2024

Next Interest Payment

15 May 2020

Interest Period

6 months

ISIN

XS2010039464

Asset Security

Senior Secured

Amount

€450,000,000

Ratings

S&P:  B-, Fitch:  B

Call Schedule

15 May 2021 at 104.813
15 May 2022 at 102.406
15 May 2023 at 100

Status

Payments on time

* Current Yield and Yield to Maturity are on estimated return calculations and not guaranteed. All yields shown are gross of Taxation and our Service Fee.

Company Information

Company Legal Name

CONSUS Real Estate AG

Industry

Property

Country of Origin

Germany

Year of Incorporation

2008

Ownership Status

Public

Capital Structure

Senior Debt 45%

Junior Debt 27%

Equity 28%

Cash

-1.2%

Senior Notes (combined)

6.2%

Content Liabilities

12.0%

Net Debt

17.0%

Equity

83.0%

Enterprise Value

100.0%

EDITDA

£883,000,000

Cash interest

£226,400,000

* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary.

Capital structure LTM EBITDA of €408m is pro forma for the successfully closed sale of Leipzig developments in July 19.

Key Financials

Revenues

11,607

Growth %

38.1%

EDITDA

1,681

Margin %

14.5%

Cash balance

3,067

Source: Public Company information

Reports & Information

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

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