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About Aggregate Holdings

Aggregate Holdings SA (together with its affiliates, “Aggregate”) is a predominantly German-focused real estate investment company. 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”), Fürst, the prime commercial asset located on Kurfürstendamm 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 owned 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.

Management & Board

Cevdet Caner

Chief Executive Officer

Cevdet Caner is CEO and shareholder of Aggregate Holdings SA. Mr. Caner sets the group strategy and helps the management team maximize value for the company’s stakeholders across existing as well as new projects.

He has over 20 years of experience in management and entrepreneurship across real estate asset classes, with focus on residential and commercial assets in both yielding and development segments. A graduate of Linz University, Austria, the genesis of Cevdet Caner’s entrepreneurship was Call & Logistik Center AG (“CLC”), a precursor to modern-day Food deliveries and so-called “dark kitchens” which eventually was listed on the Vienna Stock Exchange.

As executive, investor and advisor, Cevdet Caner has worked on more than three hundred transactions - across acquisitions, listed and non-listed equity and debt - with a total volume of billions of euros. Caner has been responsible for the significant growth and development of several German real estate companies. His involvement in deal-sourcing, financial structuring, and investment negotiation helped to finalise many high-profile agreements.

John Nacos

Chief Investment Officer and Interim Chief Financial 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.

Benjamin Lee decided to step down as CFO of Aggregate Group, which became effective on 31 March 2023, in order to pursue other opportunities outside the company. Benjamin will support the company through a transition period.

Board of Directors

Günther Walcher, Chairman and Founder

  • Mr Walcher 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, Mr Walcher 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, Mr Caner was an advisor to the company, with a focus on deal sourcing, structuring, and investment negotiations.
  • He is has been appointed to the Board of Directors at Aggregate Holdings SA.

Massimo Longoni, Managing Director

  • Mr Longoni has over 25 years of experience in the finance and private equity industry across Europe.
  • Mr Longoni founded Electa Group in 2003 and has also been an independent board member for several AIFM (Alternative Investment Fund Manager), managing mainly large European investments funds focused on the private equity and venture capital sectors.
  • Massimo holds a master’s degree in economics and social sciences from Bocconi University, Milan, Italy.

Elena Guaraldi, Director

  • Ms Guaraldi has over 10 years of experience in the finance industry and, has been the corporate and client relationship manager for Groupe Electa S.A. since 2014, in charge of corporate procedures, including legal, technical and administrative aspects.
  • After receiving degrees in business administration and accounting from the University of Bologna, Ms Guaraldi trained in audit for three years to become qualified as a chartered accountant.

Valérie Ravizza, Director

  • With nearly three decades of years of experience of advising Luxembourg companies on corporate issues, Ms Ravizza currently serves as a board member for a number of private equity firms.
  • Prior to joining the Aggregate Board of Directors, Ms. Ravizza worked as corporate manager at Global Trust Advisors S.A.

Advisory Board

Michael Cohrs, Chairman
Originally from the United States, Mr 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.
In 2011, Mr Cohrs was appointed by the Chancellor of the United Kingdom to serve as a non-executive director to the Court (Board of Directors) of the Bank of England.

Luciano Gabriel, Advisory Board Member
Mr Gabriel [also serves/previously served] as 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.
Previously, Mr Gabriel served as Chairman [of the Board of Directors] of the European Public Real Estate Association, a non-profit which promotes best practices and transparency among European listed real estate companies.

Peter Solmssen, Advisory Board Member
Mr Solmssen has over three decades advising top global companies, including serving as Managing Board Member and General Counsel of Siemens and, Executive Vice President and General Counsel of AIG.
Mr Solmssen also co-founded and led a network of lawyers, academics, NGOs, and prosecutors that assisted the OECD to establish 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 at or below market value.

Post-acquisition, the assets are actively managed to optimize the following: asset configuration and scale, financing structure and cashflow profile.

Our 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 is aligned to one of the three pillars of our core business strategy:

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