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Aggregate Holdings S.A.: Transformational acquisition of prime Berlin commercial real-estate project

  • Landmark acquisition of mixed-use part-yielding project in central Berlin
  • c.183,000 sqm of gross construction area of which majority is office (c.60%)
  • Total rental income to amount to c. EUR 50m run-rate at completion
  • Targeted Gross Development Value when completed of up to EUR 2.5bn
  • Part yielding as over 20% of project is completed and let to tenants
  • Project has construction fully-financed through to completion
  • Aggregate’s expected rental income from Build & Hold division to almost double to c. EUR 125m at completion of both projects

Luxembourg - 11 June 2021. Aggregate Holdings SA (“Aggregate”), the Germany-focussed real estate company, has acquired the landmark “Fürst” project, located on the Kurfürstendamm in central Berlin (the “Project”).

The project is excellently-located on one of Berlin’s busiest and most prominent streets, benefitting from a prime location as well as a unique footprint as a mixed-use quarter. It has a gross construction area of approximately 183,000 sqm predominantly office and co-working spaces (c.60%), with the remaining area dedicated to leisure, retail and hotel.

The refurbishment and repositioning redevelopment project has a targeted Gross Development Value (“GDV”) when completed of up to EUR 2.5bn, and expected total rental income of c. EUR 50m per annum. The project has full planning permission in place including the necessary building permits and relevant local development plans.

The project is under construction, well advanced and significantly de-risked as over 30% of total capex has been undertaken, over 20% of the project is completed, and the first tenants have moved in and are paying rent. The remaining stages of the project are planned to be completed in phases through to the second-half of 2023.

The project, including acquisition, construction and the majority of the financing costs is fully financed through to completion. The total financing of c. EUR 1.25bn includes a capex reserve account of c. EUR 250m. Aggregate Financial Services GmbH (designated Corestate Bank GmbH and part of Corestate Capital Group) acted as sole global coordinator for the acquisition and development financing and as sole structuring and placement agent. At completion, the total debt related to the project is expected to be around EUR 1.25bn. The purchase price is confidential.

The combination of Quartier Heidestrasse and Fürst results in Aggregate’s Build & Hold division having an expected rental income run-rate of EUR 125m from end 2023 off a combined newly built and refurbished lettable area of c.340,000 sqm in two of Berlin’s most premier locations.

Benjamin Lee, Chief Financial Officer and John Nacos, Chief Investment Officer at Aggregate Holdings, said: “The purchase of this asset provides Aggregate with an unrivalled scale in central Berlin, with two excellently-located mixed-use quarters with a highly-efficient lettable footprint totalling c. 340,000 sqm. The expected combined rental income of around EUR 125m will transform the yielding profile of Aggregate. Despite the challenges of COVID-19, the values of these well-located new-built mixed-use projects in central Berlin remain extremely robust.”

Benjamin Lee, Managing Director and Chief Financial Officer
Tel : +352 20 30 14 60
Mob : +44 7415 121218

Boris Lemke, Investment Director
Tel : +352 20 30 14 60
Mob : +44 7943 025474

Olaf Zapke, Communications
Tel: +49 (0) 69 921874-89
Mob: +49 (0) 170 7641 971
Finsbury Glover Hering

About Aggregate Holdings
Aggregate Holdings SA (“Aggregate”) is a predominantly German-focussed real estate company, with interests also in Portugal. The company had EUR 4.8bn of assets and a project portfolio with a EUR 5.0bn gross development value as at FY 2020. Among some of its assets, Aggregate owns Quartier Heidestrasse, the largest mixed use real estate development project in Central Berlin with c.295,000 sqm of gross construction area, due to be completed by 2023, and to be held long-term as a yielding asset. Aggregate also owns VIC Properties, the largest real estate developer in Portugal, with c.570,000 sqm of gross construction area and €2.5bn gross development value. Additionally, Aggregate holds a long-term 26.6% strategic stake in Adler Group SA, one Europe’s largest residential players, among other investments.



News announcements
Aggregate secures Luxembourg Court approval to launch reorganisation proceedings
Aggregate secures English Court approval for Project Fürst plan, with EUR 190 million of new capital committed for its completion
Luxembourg Court dismisses claims of insolvency against Project Fürst, which paves the way for restart of construction
Aggregate Holdings S.A.: Full year results 2022
Announcement of voting results: Amendments to Aggregate 2024 and 2025 Notes successfully approved by the required majority of bondholders
Announcement of the Extraordinary Resolutions Passed at the Votes Without Meeting Pursuant to Section 17 Schvg
Aggregate Holdings S.A. successfully completes sale of VIC Properties, one of the largest real estate developers in Portugal
Notice of the Results of the Written Resolution
Aggregate Holdings S.A. announces consent solicitation for its notes – irrevocable support from 55% of 2025 noteholders already received
Aggregate Holdings signs binding agreement to sell Crown 1 from its Quartier Heidestrasse project at a 90% premium to project cost
VIC Properties announces new ownership and strengthened financial structure plans
Aggregate Holdings S.A. enters into binding agreement in relation to sale of VIC Properties to a consortium led by institutional investors
Aggregate's FÜRST signs 7,400 sqm spa and fitness club lease
Aggregate Holdings sells three further segments of Quartier Heidestrasse for €488m completion value
Aggregate Holdings S.A.: Half year results 2022
Aggregate Holdings SA: Notice of the results of the written resolution and amendment of bond documentation
Aggregate leases 23,000 sqm in Quartier Heidestrasse to leading DAX40 group
Aggregate Holdings advisory board holds inaugural meeting
Aggregate Holdings signs lease agreement for 5D cinema in Berlin's "Fürst" project for 2,300 sqm
Aggregate Holdings streamlines and strengthens capital structure
Aggregate Holdings sells two segments from its Quartier Heidestrasse project for €456m, a premium to book value
Aggregate Holdings S.A. strengthens Management Team and Board, sets up Advisory Board
Aggregate Holdings S.A. : Full year results 2021
Aggregate Holdings SA: Notice of the results of the written resolution and amendment of bond documentation
Aggregate Holdings S.A. : Announces Quartier Heidestrasse structured sale process
Aggregate Holdings SA: Notice of results of put option and intended exercise of clean-up call option
Aggregate Holdings SA: Adler cleared of all material allegations
Aggregate Holdings S.A. : No cross-default from Vonovia actions
Aggregate Holdings S.A. : Independent report by Hogan Lovells clears Aggregate of all Viceroy allegations
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
Aggregate Holdings S.A. : Q3 2021 market update
Aggregate Holdings SA: Successful sale of stake in S IMMO to focus on core real estate business
Aggregate Holdings SA: Vonovia acquires an option over 13.3% stake in Adler Group from Aggregate Holdings
Aggregate Holdings SA: Strong leasing momentum in Quartier Heidestrasse, Berlin
Aggregate Holdings SA releases first Sustainability Report setting out ESG framework and targets
Aggregate Holdings S.A.: Half year results 2021
Aggregate Holdings SA: Invitation to the conference call on 07 September 2021, 3:00 CEST (2:00 UK)
Aggregate Holdings SA successfully places EUR 100 million Tap of 6.875% Senior Bond due 2025
Aggregate Holdings SA: Profitable acquisition of Build & Hold assets
Aggregate Holdings S.A. : Full year results 2020
Aggregate Holdings S.A.: Acquisition of increased minority stake in S IMMO
Aggregate Holdings S.A.: Acquisition of minority stakes in S IMMO and IMMOFINANZ
Aggregate Holdings S.A.: Company update and LTV guidance
Aggregate notes market speculation pertaining to potential acquisition of stake in CA Immo
Aggregate Holdings SA successfully places EUR 100 million Tap of Senior Bond
Aggregate Holdings SA successfully places EUR 400 million Senior Bond
Aggregate Holdings S.A. considers debt capital markets transaction
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.
Consus Real Estate AG acquires SSN Group AG
Consus Real Estate AG substantially increases overall performance in first half of 2018 and grows development portfolio
Consus Real Estate AG - Earnings Presentation H1 2018 and Half Year Report 2018
Consus Real Estate AG: Sole focus on real estate development following further integration of CG Gruppe and disposal of GxP stake
Consus Real Estate AG: CONSUS Real Estate AG increases stake in CG Gruppe AG to 75 percent
Consus Real Estate AG completes capital increase
Consus Real Estate AG announces capital increase with subscription rights
Aggregate Holdings SA Q12018 and Consus Real Estate AG plans capital increase
Consus Real Estate AG: Audited Financials for Fiscal Year 2017 Released
Consus Real Estate AG: Divestment of commercial assets resulting in EUR 68.2 million cash inflow and significant profit
Consus Real Estate AG: Strong Performance - Preliminary Financials for Fiscal Year 2017
Consus Real Estate AG realised cash inflow of EUR 131 million from recent VauVau forward sale
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.
A successful start of the year for Consus Real Estate AG, one of the major investments of Aggregate Holdings S.A.
Aggregate Holdings S.A. successfully placed EUR 40 million tap issue on its existing 5.0% EUR 310 million Notes 2016/2021 (ISIN: DE000A184P98)
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