According to Consus, the acquisition strengthens its position as Germany’s largest property developer, increasing its gross development volume (GDV) from €6.2 bn to €9.6 bn, and the number of projects from 53 to 65. SSN’s GDV amounts to €3.4 bn and consists of 12 projects focused on Germany’s top nine cities.

'With the acquisition of SSN we are significantly strengthening our position as Germany’s largest property developer with a GDV of almost €10 bn, focussing on the highly sought-after residential segment,' said Andreas Steyer, CEO of Consus.

The 93.4% stake in SSN Group is being acquired for a total consideration of €255 mln in cash. Simultaneously, Consus will separately acquire 38.9% in SG Development, a 51% subsidiary of SSN Group, which holds nine out of 12 development projects, as well as a 43% stake in a SSN landmark development in the centre of Berlin from Consus’ majority shareholder Aggregate Deutschland, for a total consideration of €215 mln against issuance of new shares in Consus at a price of €8.0 per share.

'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,' added Steyer.

Michael Tockweiler, CEO of SSN Group, added: 'We are delighted to be joining forces with Consus. The acquisition gives us 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.'

JP Morgan acted as financial advisor to Consus and provided a €250 mln acquisition facility.

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