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

DGAP-News: Aggregate Holdings SA / Key word(s): Miscellaneous 
Aggregate Holdings S.A.: Transformational acquisition of prime Berlin commercial real-estate project 
2021-06-11 / 15:32 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Aggregate Holdings S.A.: Transformational acquisition of prime Berlin commercial real-estate project 
- Landmark acquisition of mixed-use part-yielding project in central Berlin 
o c.183,000 sqm of gross construction area of which majority is office (c.60%) 
o Total rental income to amount to c. EUR 50m run-rate at completion 
o Targeted Gross Development Value when completed of up to EUR 2.5bn 
o 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." 
 
Contact 
Benjamin Lee, Managing Director and Chief Financial Officer 
Tel : [phone] 
Mob : [phone] 
[e-mail] 
Boris Lemke, Investment Director 
Tel : [phone] 
Mob : [phone] 
[e-mail] 
Olaf Zapke, Communications 
Tel: [phone] 
Mob: [phone] 
Finsbury Glover Hering 
[e-mail] 
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 EUR2.5bn 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. 
=---------------------------------------------------------------------------------------------------------------------- 
2021-06-11 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
=---------------------------------------------------------------------------------------------------------------------- 
Language:     English 
Company:      Aggregate Holdings SA 
              Rue Antoine Jans 10 
              1820 Luxembourg 
              Luxemburg 
ISIN:         DE000A184P98 
WKN:          A184P9 
Listed:       Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Stuttgart 
EQS News ID:  1207203 
 
End of News   DGAP News Service 
=------------ 

1207203 2021-06-11

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1207203&application_name=news

(END) Dow Jones Newswires

June 11, 2021 09:33 ET (13:33 GMT)