ADO Properties S.A. (XTRA:ADJ) made an offer to acquire additional 26.85% stake in Consus Real Estate AG (XTRA:CC1) for approximately €220 million on June 29, 2020. ADO Properties will launch the tender offer at the exchange ratio of 0.2390 ADO shares for each Consus share. In a related transaction, ADO Properties S.A. exercised its option to acquire an additional 51% stake in Consus Real Estate AG (XTRA:CC1) from Aggregate Holdings S.A. for approximately €410 million on June 29, 2020.

The tender offer will be issued post the completion of the option agreement. ADO has received irrevocable commitments to accept the tender offer, which will lead to a stake of more than 80%. J.P. Morgan and Kempen & Co are acting as financial advisors and Roger Kiem, Tobias Heinrich, Lutz Krämer, Gernot Wagner, Rebecca Emory, Thilo Diehl, Stefan Bressler, Bodo Bender, Karsten Wöckener, Andreas Lischka, Alexander Kiefner, Holger Wolf, Sebastian Pitz and Tim Bracksiek of White & Case is acting as legal advisor to ADO Properties S.A. The acquisition is expected to close in third quarter 2020.