S&P upgrades Consus Real Estate

S&P said it raised its ratings on Consus Real Estate AG’s issuer rating to BB- from B- and its senior secured bond to B+ from CCC+.

Rated BB, Adler Group now owns 65% of Consus and fully consolidates the company. The agency said it sees Consus as strategically important to Adler.

“We understand that Adler intends to increase its stake further by a public voluntary tender offer to all remaining Consus minority shareholders, and has received an irrevocable commitment from shareholders to achieve a stake of more than 80% in Consus. We further understand that Adler would like to place a domination agreement between Adler and Consus to secure full control,” S&P said in a press release.

The outlook is stable.

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