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Aggregate Holdings SA: Profitable acquisition of Build & Hold assets

  • Aggregate Holdings S.A. completed the acquisition of a real estate portfolio consisting of 10 development projects spread across Berlin, Düsseldorf and Frankfurt
  • c. 1,200,000 Gross Construction Area (GCA) sqm
  • c. EUR 4.5bn Gross Development Value (GDV) of mixed-use development assets in Berlin, Frankfurt and Düsseldorf
  • c. EUR 1.3bn residual valuation
  • Build & Hold division GCA increased by over 675,000 sqm and target net rental income run-rate increased by c. EUR 100m in the medium term
  • Build & Hold division target net rental income run-rate increased to c. EUR 225m off total GDV of c. EUR 7.5bn, with a current value of over EUR 3.1bn

Luxembourg – 30 June 2021. Aggregate Holdings has completed the acquisition of a portfolio of ten projects, which consists of five projects in Berlin, four projects in Düsseldorf and one project in Frankfurt. The portfolio’s focus is largely mixed-use urban developments incorporating office (53%), residential (32%), plus commercial, retail and other (15%). Aggregate plans to construct the majority of the Berlin assets as yielding properties in its Build & Hold division and to progress development and then exit the other assets in the portfolio over time. The acquired portfolio’s gross development value (“GDV”) stands at approximately EUR 4.5 billion, with GDV of over EUR 2.5 billion to be retained in Build & Hold.

The combined gross construction area (“GCA”) of the portfolio is c. 1,200,000 sqm across the ten mixed-use developments. The development projects have well advanced planning and building permit applications, with one project having already received a building permit, and five more projects on course to receive building permission in 2021 or early 2022. The remaining projects benefit from zoning plans or project-related local development plans. The residual value of the portfolio as at 31 December 2020 was EUR 1.3 billion on a 100% basis, resulting in a Loan-to-Value for the portfolio post-acquisition of around 50%. The Company has acquired an approximately 85% interest in the projects.

The key Berlin projects are located close to Berlin Brandenburg airport and in the south-east residential area of Treptow-Köpenick. Planned construction for the Berlin-based projects will commence in 2022, with first rental income expected in 2024, following pre-letting in parallel with construction. The retained Berlin assets will be a significant addition to the Build & Hold division, with an expected increase of c. EUR 100 million of net rental income run-rate from the end 2025 onwards, on the basis of a combined additional GCA of approximately 675,000 sqm. The acquisition of the portfolio at a material discount to residual value will result in a significant appreciation in the net asset value of Aggregate group.

Benjamin Lee, Chief Financial Officer and John Nacos, Chief Investment Officer at Aggregate Holdings, said: “This was a great opportunity to acquire high quality, well located real estate assets in Berlin, Düsseldorf and Frankfurt. The entire portfolio was acquired at an attractive price, again demonstrating Aggregate’s ability to undertake complex off-market transactions and deliver well-priced yield-to-cost assets. Post completion of Aggregate’s increased Build & Hold portfolio, the combined rental income from the division is targeted to be c. EUR 225 million.”

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. Aggregate’s Build & Hold division at year end included Quartier Heidestrasse, the largest mixed use real estate development project in Central Berlin with c.295,000 sqm of gross construction area, and has recently acquired project “Fürst”, the prime asset located on Kurfürstendamm in central Berlin with c.183,000 sqm of gross construction area. Both these Build & Hold assets are due to be completed by 2023. Aggregate also owns VIC Properties, Build & Sell division, 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 S.A.: Transformational acquisition of prime Berlin commercial real-estate project
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