Consus Real Estate’s investment portfolio has more than doubled over the last two years, to a €12.3bn gross development value (GDV) at the end of FY19. This period included the end-2018 acquisition of SSN, contributing to the high end 2019 net debt of €2.7bn. While management states in its annual report that the coronavirus outbreak may not have a material impact on its business, it is, nonetheless, focusing efforts on deleveraging and restructuring the relatively expensive debt. Consequently, Consus has delayed all further purchases for the year and agreed to sell 17 projects with a GDV amounting to €2.3bn, for €690m, representing a double-digit premium to market values as at end-December 2019.
