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Investment Strategy

Our main focus is Germany, with interests also in the DACH region and Portugal, where structural market imbalances exist in the supply and demand of residential and commercial properties.

Addressing such structural market needs with the right development solutions, provides for long-term investment success and strong growth prospects. This is achieved by either directly investing into large-scheme development projects or real estate developers.

As a fully integrated real estate development platform, Aggregate Holdings is covering the entire value chain in its investments: from acquisition and financing to planning, development and marketing with the aim to then either sell to third parties or keep as yielding asset for the long-term.

Build & Hold assets

Development assets –constructed and held long-term for rental income genereation

Build & Sell assets

Development assets –constructed and (forward) 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

Strategy – Strong focus on value creation

1
Growth opportunities

Off-market investment opportunities

  • Plots / projects
  • Real Estate Developers
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2
Real Estate Development

Value creation

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3
Capital Recycling

Forward-sale

Reinvestments

Selective holdings

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4
Financing Optimization

Sustainability

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Aggregate Holdings

Growth opportunities
Sustainable value creation
1
Growth opportunities
  • Access to unique off-market transactions
  • Long-lasting business network established across Germany & other EU countries
  • Positioned to acquire further plots and / or real estate developers
2
Real Estate Development
  • Development profits as key driver of value creation
  • Selective assets developed to own
  • Profitable utilization of own land reserves
3
Capital Recycling
  • Specialist in forward-sale to institutional investors and condo selling to individuals
  • Reinvestment of profits into acquisition of identified pipeline
4
Financing Optimisation
  • Wide and structured approach to construction financing
  • Ability to further optimize existing capital structure
  • Broad network of international lending partners

”Build & Hold“ assets

Selective development assets sourced to keep long-term as yielding assets after construction.

Inhouse project management and development combined with optimised financing solutions maximise the basis for strong value accretion of these projects post completion while assets are let out and generate rental cash flows.

”Build & Sell“ assets

Development assets sourced to sell to institutional investors, mostly on forward sale basis during construction.

Development margins are enhanced by optimising project financing in conjunction with forward sales and effective capital recycling.

The efficient matching of construction milestones with received deposit payments on (forward) sales allows for cash flow optimisation and project risk reduction.

Financial real estate assets

22.5% STAKE IN ADLER GROUP (FORMERLY ADO PROPERTIES)

STRATEGIC LONG-TERM INVESTMENT

  • Largest & strategic shareholder in the new ADLER Group (formerly ADO Properties) with 22.5%
  • In June 2020 the call option on our majority stake in Consus Real Estate sold to ADLER Group (formerly ADO Properties) in December 2019 was exercised, contributing Consus into the freshly merged company of ADLER Real Estate AG and ADLER Group (formerly ADO Properties), forming one of Germany’s largest landlords.
  • This newly formed and listed Group under ADLER Group (formerly ADO Properties) will be one of Germany’s largest residential real estate platforms combining a EUR 8.6bn rental portfolio with a growth path in Germany’s core cities by acquiring Consus’ EUR 8bn gross development portfolio.
  • Based on a fixed exchange ratio of 0.239 ADLER Group (formerly ADO Properties) shares per Consus share, Aggregate Holdings is by a significant margin the largest shareholder in this MDAX candidate in the near future.

OPPORTUNISTIC SHORT-TERM PORTFOLIO

Investments with a generally higher liquidity profile in debt or equity formats, often in listed shares. Timeframes can be either long-term strategic or more opportunistic & short-term. Various investment strategies are applied, all serve the focus of maximising shareholder value by income generation or value accretion.



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