Christoph Gröner agreed to acquire 17 development projects from Consus Real Estate AG (XTRA:CC1) for €690 million on May 8, 2020. The development projects have a GDV of €2.3 billion. Consus will receive a material cash payment. Consus will reduce its project finance debt by around €475 million due to this transaction. In a related transaction, the Management Board has in principle resolved, with the approval of the Supervisory Board, to acquire the outstanding 25% minority stake in Consus RE AG primarily for new shares in Consus and a cash component. The Management Board of Consus Real Estate AG, with the approval of the Supervisory Board, resolved the transaction. The transaction is expected to close not later than in Q3 2020. Christoph Gröner completed the acquisition of 17 development projects from Consus Real Estate AG (XTRA:CC1) on January 1, 2021. The receipt of the proceeds will strengthen Adler Group's (parent of Consus) capital structure and contributes to the deleveraging plan of the Group reducing the LTV to 50%.