ADLER Group S.A. (XTRA:ADJ) entered into an agreement to acquire an additional 28.9% stake in Consus Real Estate AG (XTRA:CC1) for approximately €340 million on December 12, 2020. The consideration comprises of a share exchange at an exchange ratio of 0.272 new ADLER shares for each Consus share by way of a contribution of approximately 46.78 million Consus shares in exchange for approximately 12.72 million new ADLER shares. After completion of the transaction, ADLER's stake in Consus will increase to approximately 94.0% from approximately 65%.

ADLER Group S.A. (XTRA:ADJ) completed the acquisition of an additional 28.9% stake in Consus Real Estate AG (XTRA:CC1) on December 14, 2020. The increase of ADLER's majority stake in Consus is a meaningful step to fully integrate Consus into the ADLER Group, giving ADLER full access and control of its build-to-hold pipeline. The acquisition of Consus will generate significant additional operating and refinancing synergies which will further contribute to NAV upside from development of build-to-hold projects in the medium-term, as well as additional future development profit from projects to be sold. It is also a step forward towards further integration of Consus, ADLER will support additional measures including the rebranding of Consus to achieve an uniform corporate identity.