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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. 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.


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.

Board of Directors

Günther Walcher, Chairman and Founder

  • Günther has over 40 years of experience as a founder of, and investor in, major businesses both inside and outside the real estate sector.
  • In 2015, Günther set up Aggregate Holdings SA , as his European Real Estate structure primarily for German investments.

Cevdet Caner, CEO and Director

  • Prior to becoming CEO of Aggregate, Cevdet was an advisor to the company, with a focus on deal sourcing, structuring, and investment negotiations.
  • He is now a Director at Aggregate Holdings SA and a member of the company board.

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)
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


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