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Aggregate Holdings SA and group companies enter into EUR 1.02bn financing agreements in relation to acquisition of the Fuerst project in Berlin
- Fuerst is an ongoing refurbishment and repositioning project on Kurfuerstendamm in central Berlin with approximately 183,000 sqm of gross construction area
- Total acquisition and development financing package of EUR 1.02bn with 2.5 year maturity
- Net financing proceeds to be used to fund the acquisition and remaining refurbishment and repositioning of the project
Luxembourg, 11 June 2021: Aggregate Holdings SA ("Aggregate" or the "Company") group companies entered into several financing arrangements in an aggregate amount of up to EUR 1.02 billion (the “Financing”). All of the financing instruments shall have a term of two and a half years.
The net proceeds of the Financing, combined with a portion of the previously issued EUR 250m 2024 bond alongside Aggregate’s internal resources will fund (i) the acquisition of Fuerst under a signed sale and purchase agreement and (ii) provide the required funds to conclude the full refurbishment, repositioning and lease-up of the Project.
Fuerst (the “Project”) is a refurbishment and repositioning development project with approximately 183,000 sqm of gross construction area in central Berlin, of which c.60% is office and co-working spaces. The project is over 20% complete already and the development is expected to be completed in the second half of 2023. The Financing includes a capex reserve account of EUR 250m. The construction of the project is fully financed until completion.
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