Company | Aggregate

About Aggregate Holdings

Aggregate Holdings SA (“Aggregate”) is a predominantly German-focused real estate investment company, with significant presence also in Portugal. As at H1 2022, the company had €7.9bn of assets and a project portfolio with €10.2bn Gross Development Value. In its Build & Hold division, Aggregate owned Quartier Heidestrasse, the largest mixed use real estate development project in central Berlin with c.371,000 sqm of gross floor area (“GFA”), Fuerst, the prime commercial asset located on Kurfuerstendamm in central Berlin with c.183,000 sqm of GFA, and Walter and Green Living projects in Berlin with a combined GFA of c.762,000 sqm. Aggregate also owns in its Build & Sell division VIC Properties, the largest real estate developer in Portugal with c.727,000 sqm of GFA and €3.0bn Gross Development Value. Additionally, Aggregate holds a c.6% strategic stake in Adler Group SA, among other investments.

Our vision & values

Creating sustainable value for our partners and stakeholders is our core aspiration.

By using our platform, network and unique capabilities in real estate to address some of Europe’s most pressing housing issues, we want to become one of the leading European real estate investment companies.

In managing and expanding our diversified portfolio of opportunities, we are strongly focussed on our mix of development assets, yielding assets and financial real estate assets.

Management

Cevdet Caner

Chief Executive Officer

Benjamin Lee

Chief Financial Officer

John Nacos

Chief Investment Officer

Cevdet Caner

Chief Executive Officer

Chief Executive Officer Track record of more than 300 transactions in Germany, UK, USA and Japan, across acquisitions, equity, and debt. Cevdet Caner is a leading investor in the real estate market in Germany. Cevdet helped substantially grow and develop a number of private and public Real Estate companies in Germany, through assisting in deal sourcing, financial structuring, capital markets activities, investment exit negotiation and finalization.

Benjamin Lee

Chief Financial Officer

Benjamin Lee, Chief Financial Officer, has almost 30 years of experience in finance, 14 years of which he worked in investment banking at UBS in in London and New York. He has 10 years experience as a board member and CFO for listed and private companies, in both the UK and Germany. Benjamin Lee is responsible for accounting, finance and capital markets at Aggregate.

John Nacos

Chief Investment Officer

John Nacos has over 30 years of experience in the financial industry in New York and London, having been Global Head of Commercial Real Estate debt at Deutsche Bank AG. John served as Supervisory Board member at CA IMMO, a Vienna-listed property company from 2015 to 2019 and was instrumental in steering the company’s success. At Aggregate, John Nacos is responsible for acquisitions and investments.

Our strategy

Our philosophy is to extract long-term value for our stakeholders and partners at every level during the investment process.

Based on our strong, established network and deep market connectivity, we have access to undervalued assets and special situations with potential for significant value creation.

Following a rigorous due diligence process, new investment opportunities are often acquired at off-market at a very value accretive prices.

Post acquisition, the assets are actively managed and the following areas optimised : asset configuration and scale, financing structure and cashflow profile.

The strategy is to create platforms or assets in excellent locations which will continue to create value over time and which will be attractive to future purchasers.

Investment selection follows our three core business pillar strategies:

Advisory Board

Michael Cohrs (Chairman)
Originally from the United States, Michael Cohrs is highly experienced in German business, having served as the Head of Global Banking for Deutsche Bank. In this capacity, he advised some of the world’s leading corporations and investment funds. Following that, he served on the Court of the Bank of England.

Luciano Gabriel (Advisory Board Member)
Chairman of the Board of Directors of PSP Swiss Property AG, a listed Swiss property company with over 9 billion Swiss francs of assets and a history of strong, stable financial performance. Former Chairman of EPRA, whose mission is to promote best practices and transparency among European listed real estate companies.

Peter Solmssen (Advisory Board Member)
Served as Managing Board Member and General Counsel of Siemens and, after that, Executive Vice President and General Counsel of AIG. Co-founded and led a network of lawyers, academics, NGOs as well as prosecutors that assisted the OECD in setting standards to fight corruption and to foster integrity in global business.

Our strategy

Our philosophy is to extract long-term value for our stakeholders and partners at every level during the investment process.

Based on our strong, established network and deep market connectivity, we have access to undervalued assets and special situations with potential for significant value creation.

Following a rigorous due diligence process, new investment opportunities are often acquired at off-market at a very value accretive prices.

Post acquisition, the assets are actively managed and the following areas optimised : asset configuration and scale, financing structure and cashflow profile.

The strategy is to create platforms or assets in excellent locations which will continue to create value over time and which will be attractive to future purchasers.

Investment selection follows our three core business pillar strategies:

Build & Hold assets

Development assets –constructed and held long-term for rental income generation

Build & Sell assets

Development assets –constructed and sold to third parties for revenue generation

Financial real estate assets

Investments with higher liquidity, either long-term strategic assets or opportunistic short-term assets

Value Creation Process

Constant screening of investment opportunities

Investment selection

Due-dilligence process

Acquisition

Build & Hold

Cash-flow Yielding Assets

Planning optimisation
Building permit obtained
Construction of asset
Letting phase
Long-term active asset management
Recurring cash-flow & rental income

Build & Sell

Real Estate Development Businesses

Planning optimisation
Building permit obtained
Project forward sold to institutional investors
Construction of asset
Title deeds transferred at completion
Revenue and cash-flow generation

Financial real estate assets

Strategic and / or opportunistic

Strategic long-term investments
Opportunistic short-term investments
Various investment timeframes & strategies
Focus on maximising shareholder value creation
Liquid investment profile
Revenue and cash-flow generation