de en
News

Aggregate Holdings S.A. successfully completes sale of VIC Properties, one of the largest real estate developers in Portugal

Aggregate Holdings S.A. successfully completes sale of VIC Properties, one of the largest real estate developers in Portugal

  • Sold to a consortium led by institutional investors and including VIC management
  • Simplifies Aggregate’s capital structure and refocuses operations on Germany
  • Significant reduction in Aggregate group net debt by more than €670 million
  • Full release of Aggregate’s guarantee in respect of VIC Bonds

Luxembourg 5 May: Aggregate Holdings S.A. (“Aggregate”) announces that today it has completed the sale of its subsidiary VIC Properties S.A. (“VIC Properties”, or “VIC”), one of the largest real estate developers in Portugal (the “Sale”). Aggregate has been fully released from its guarantee in respect of the VIC Properties’ €250 million 3.00 percent secured Pre-IPO Convertible Bonds due 2025 (“VIC Bonds”), and in total guarantees relating to VIC of c. €475 million are being released. In connection with the Sale transaction, a consent solicitation relating to the VIC Bonds was passed, with holders representing 92% in aggregate outstanding nominal amount of the VIC Bonds voting in favour of the proposals.

The Sale forms part of Aggregate’s strategy to simplify its capital structure and asset base, and refocus on its core German markets. As at 30 June 2022, VIC accounted for net assets of €1,150 million and total assets of €1,882 million, including goodwill of €1,135 million, and the transaction will result in a reduction of net debt of more than €670 million. Under the terms of the transaction, Aggregate received an equity participation in the post-sale group, entitling it to receive 5% of all net distributions to the new investors in excess of €1 billion.

This Sale demonstrates the increasing interest in Portugal as an investment market for international investors that has occurred since Aggregate acquired VIC in 2018. The existing VIC management team remains in charge to lead VIC into the next phase of its development. Following the sale, VIC Properties will receive significant new funding to continue and further accelerate the development of its residential projects in Lisbon and in the region of Comporta and Melides.

“Aggregate has again demonstrated its ability to successfully close major strategic transactions in the current environment. This represents another significant milestone in in Aggregate’s strategy to simplify its capital structure and asset base, and completes the refocusing on our core German markets. Aggregate is continuing to work on realising the underlying value of its prime Berlin-based assets over time to pay down debt and de-lever the company”, commented Cevdet Caner, Chief Executive Officer of Aggregate.

Contact
John Nacos, Chief Investment Officer
Tel : +352 20 30 14 60
Email: j.nacos@aggregateholdings.com

Boris Lemke, Investment Director
Tel : +352 20 30 14 60
Email: b.lemke@aggregateholdings.com

John Ward, Vice President, Corporate Finance
Tel: +352 20 30 14 60
Email: j.ward@aggregateholdings.com

Alix Marie Walther, Manager of Communications & Marketing
Tel: +352 20 30 14 60
Email: a.walther@aggregateholdings.com

About Aggregate Holdings
Aggregate Holdings S.A. is a predominantly German-focused real estate investment company. As at H1 2022, the company had €7.9 billion of assets and a project portfolio with €10.2 billion 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.

Important Notice
This announcement contains statements about Aggregate and/or VIC that are or may be forward looking statements. All statements other than statements of historical facts included in this announcement may be forward looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "goals", "should", "would", "could", "continue", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "hopes", "projects" or words or terms of similar substance or the negative thereof, are forward looking statements.

Such forward looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof. Aggregate and VIC disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law or regulation.

Download

Archive

News announcements
21.05.2024
Aggregate secures Luxembourg Court approval to launch reorganisation proceedings
07.03.2024
Aggregate secures English Court approval for Project Fürst plan, with EUR 190 million of new capital committed for its completion
20.10.2023
Luxembourg Court dismisses claims of insolvency against Project Fürst, which paves the way for restart of construction
27.06.2023
Aggregate Holdings S.A.: Full year results 2022
24.05.2023
Announcement of voting results: Amendments to Aggregate 2024 and 2025 Notes successfully approved by the required majority of bondholders
24.05.2023
Announcement of the Extraordinary Resolutions Passed at the Votes Without Meeting Pursuant to Section 17 Schvg
03.05.2023
Notice of the Results of the Written Resolution
27.04.2023
Aggregate Holdings S.A. announces consent solicitation for its notes – irrevocable support from 55% of 2025 noteholders already received
28.03.2023
Aggregate Holdings signs binding agreement to sell Crown 1 from its Quartier Heidestrasse project at a 90% premium to project cost
17.03.2023
VIC Properties announces new ownership and strengthened financial structure plans
17.03.2023
Aggregate Holdings S.A. enters into binding agreement in relation to sale of VIC Properties to a consortium led by institutional investors
30.01.2023
Aggregate's FÜRST signs 7,400 sqm spa and fitness club lease
10.11.2022
Aggregate Holdings sells three further segments of Quartier Heidestrasse for €488m completion value
28.10.2022
Aggregate Holdings S.A.: Half year results 2022
26.09.2022
Aggregate Holdings SA: Notice of the results of the written resolution and amendment of bond documentation
22.09.2022
Aggregate leases 23,000 sqm in Quartier Heidestrasse to leading DAX40 group
21.09.2022
Aggregate Holdings advisory board holds inaugural meeting
19.09.2022
Aggregate Holdings signs lease agreement for 5D cinema in Berlin's "Fürst" project for 2,300 sqm
09.09.2022
Aggregate Holdings streamlines and strengthens capital structure
09.09.2022
Aggregate Holdings sells two segments from its Quartier Heidestrasse project for €456m, a premium to book value
04.07.2022
Aggregate Holdings S.A. strengthens Management Team and Board, sets up Advisory Board
29.06.2022
Aggregate Holdings S.A. : Full year results 2021
25.05.2022
Aggregate Holdings SA: Notice of the results of the written resolution and amendment of bond documentation
10.05.2022
Aggregate Holdings S.A. : Announces Quartier Heidestrasse structured sale process
29.04.2022
Aggregate Holdings SA: Notice of results of put option and intended exercise of clean-up call option
22.04.2022
Aggregate Holdings SA: Adler cleared of all material allegations
09.03.2022
Aggregate Holdings S.A. : No cross-default from Vonovia actions
09.02.2022
Aggregate Holdings S.A. : Independent report by Hogan Lovells clears Aggregate of all Viceroy allegations
17.01.2022
Aggregate Holdings S.A.: Statement on Bloomberg article “In Adler’s Orbit, A Set of Deals Leads to Azeri First Family” dated 13 January 2022
16.12.2021
Aggregate Holdings S.A. : Q3 2021 market update
03.12.2021
Aggregate Holdings SA: Successful sale of stake in S IMMO to focus on core real estate business
08.10.2021
Aggregate Holdings SA: Vonovia acquires an option over 13.3% stake in Adler Group from Aggregate Holdings
05.10.2021
Aggregate Holdings SA: Strong leasing momentum in Quartier Heidestrasse, Berlin
24.09.2021
Aggregate Holdings SA releases first Sustainability Report setting out ESG framework and targets
07.09.2021
Aggregate Holdings S.A.: Half year results 2021
06.09.2021
Aggregate Holdings SA: Invitation to the conference call on 07 September 2021, 3:00 CEST (2:00 UK)
09.08.2021
Aggregate Holdings SA successfully places EUR 100 million Tap of 6.875% Senior Bond due 2025
30.06.2021
Aggregate Holdings SA: Profitable acquisition of Build & Hold assets
11.06.2021
Aggregate Holdings S.A.: Transformational acquisition of prime Berlin commercial real-estate project
21.04.2021
Aggregate Holdings S.A. : Full year results 2020
11.02.2021
Aggregate Holdings S.A.: Acquisition of increased minority stake in S IMMO
29.01.2021
Aggregate Holdings S.A.: Acquisition of minority stakes in S IMMO and IMMOFINANZ
28.01.2021
Aggregate Holdings S.A.: Company update and LTV guidance
20.01.2021
Aggregate notes market speculation pertaining to potential acquisition of stake in CA Immo
27.11.2020
Aggregate Holdings SA successfully places EUR 100 million Tap of Senior Bond
30.10.2020
Aggregate Holdings SA successfully places EUR 400 million Senior Bond
29.09.2020
Aggregate Holdings S.A. considers debt capital markets transaction
13.07.2020
Aggregate Holdings S.A. confirms it has received shares in ADO Properties S.A. in exchange for its holding in Consus Real Estate A.G.
09.11.2018
Consus Real Estate AG acquires SSN Group AG
23.10.2018
Consus Real Estate AG substantially increases overall performance in first half of 2018 and grows development portfolio
10.10.2018
Consus Real Estate AG - Earnings Presentation H1 2018 and Half Year Report 2018
07.08.2018
Consus Real Estate AG: Sole focus on real estate development following further integration of CG Gruppe and disposal of GxP stake
03.08.2018
Consus Real Estate AG: CONSUS Real Estate AG increases stake in CG Gruppe AG to 75 percent
01.08.2018
Consus Real Estate AG completes capital increase
18.07.2018
Consus Real Estate AG announces capital increase with subscription rights
15.06.2018
Aggregate Holdings SA Q12018 and Consus Real Estate AG plans capital increase
23.05.2018
Consus Real Estate AG: Audited Financials for Fiscal Year 2017 Released
15.05.2018
Consus Real Estate AG: Divestment of commercial assets resulting in EUR 68.2 million cash inflow and significant profit
03.05.2018
Consus Real Estate AG: Strong Performance - Preliminary Financials for Fiscal Year 2017
23.04.2018
Consus Real Estate AG realised cash inflow of EUR 131 million from recent VauVau forward sale
23.04.2018
Construction has started at the Quartier Heidestrasse, one of the largest real estate development projects in centre of Berlin – the project is owned at 94% by Aggregate Holdings S.A.
18.04.2018
A successful start of the year for Consus Real Estate AG, one of the major investments of Aggregate Holdings S.A.
21.12.2017
Aggregate Holdings S.A. successfully placed EUR 40 million tap issue on its existing 5.0% EUR 310 million Notes 2016/2021 (ISIN: DE000A184P98)
29.09.2017
Aggregate acquisition of 69% in CONSUS Commercial Property AG through a mixed capital increase against contribution in kind and cash with a total volume of approximately EUR 743 million approved by the shareholders’ meeting of CONSUS Commercial Property AG