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About Aggregate Holdings

Aggregate Holdings SA (“Aggregate”) is a predominantly German-focused real estate investment company, with significant presence also in Portugal. The company has €7.9bn of assets and a project portfolio with €9.9bn Gross Development Value.
In its Build & Hold division, Aggregate owns Quartier Heidestrasse, the largest mixed use real estate development project in central Berlin with c.297,000 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.634,000 sqm. Aggregate also owns in its Build & Sell division VIC Properties, the largest real estate developer in Portugal with c.570,000 sqm of GCA and €3.1bn 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.


Cevdet Caner

Chief Executive Officer

Benjamin Lee

Chief Financial Officer

Benjamin has almost 30 years of corporate finance experience including 14 years in investment banking at UBS in London, and 10 years of experience as a CFO of listed companies in the UK and Germany.

• Benjamin worked for UBS Investment Bank in London and New York City for 14 years on M&A related financings
• From 2009-2014, he was Head of Business Development and then CFO of a UK listed mining company
• Most recently, he was CFO of Consus Real Estate AG, the largest listed German property developer from 2018-2020, prior to its acquisition by ADO Properties SA.

During this time, Benjamin introduced IFRS accounting and quarterly reporting, positioned the company on the financial markets, undertook a number of significant acquisitions and issued EUR 450m of bonds.

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.

Mr. Nacos 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, Mr. Nacos is responsible for acquisitions and investments.


Günther Walcher, Chairman

Cevdet Caner, Chief Executive Officer

Massimo Longoni, Managing Director

  • Over 25 years of experience in the finance and private equity industry across Europe
  • Founded Electa Group in 2003 and inter alia, independent board member in a few selected AIFM (Alternative Investment Fund Managers), managing mainly PE/VC large pan European investments funds
  • Massimo holds a master’s degree in economics and social sciences from Bocconi University, Milan, Italy

Elena Guaraldi, Director

  • Over 10 years of experience in the finance industry
  • Since 2014, corporate and client relationship manager at Groupe Electa S.A., in charge of corporate procedures, including legal, technical and administrative aspects
  • After graduation in accounting and tax, Elena worked 3 years in audit

Valérie Ravizza, Director

  • Over 29 years of experience in domiciliation and management of companies in Luxembourg
  • Worked as corporate manager at Global Trust Advisors S.A., in charge of corporate procedures, coordination of the legal, technical and administrative aspects
  • Board member in a number of private equity firms and she is responsible for a client portfolio based mainly in Europe

Advisory Board

Michael Cohrs (Chairman), former Co-head of Corporate and Investment Banking at Deutsche Bank and former member of the Court (Board of Directors) of the Bank of England.

Luciano Gabriel, Chairman of the Board of Directors of PSP Swiss Property AG and former Chairman of the European Public Real Estate Association (EPRA), which promotes best practices and information transparency for European real estate companies.

Peter Solmssen, former Siemens and AIG general counsel who co-founded and led a network of lawyers, academics, NGOs as well as prosecutors that helped the OECD fight corruption and 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


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