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Aggregate Holdings S.A.: Company update and LTV guidance

Aggregate Holdings S.A.: Company update and LTV guidance
Luxembourg, 28 January 2021

– Adler stake increased to 26.6% reflecting confidence in company and German residential assets
– Aggregate continues to see attractive opportunities available in the current market
– Loan-to-Value for FY 2020 expected to be around 45%

Aggregate Holdings S.A. (“Aggregate”), the Germany-focussed property investment company, today provides an update on the increase in its strategic stake in Adler Group S.A. (“Adler”), and guidance for its FY 2020 Loan-to-Value (“LTV”).

Aggregate’s strategic focus across all three of its divisions is to acquire undervalued assets and optimise their scope and scale. Following their optimisation and development, the assets are either added to the portfolio as yielding properties or otherwise sold to institutions and individuals. The focus of Aggregate’s investments is Germany, with interests also in Portugal and the German-speaking countries region (DACH).

Business Update
The core of the Financial Real Estate Assets division is Adler, the pure play German residential company with a well-diversified EUR 14.6bn pan German residential real estate portfolio including a unique development pipeline for future growth. Aggregate has demonstrated its strong commitment to Adler and confidence in the long-term prospects of German residential real estate through increasing its strategic stake in Adler to 26.6%. Adler announced a strong set of Q3 results, with the share price finishing 2020 at its highest level for the year.

Aggregate continues to see opportunities in the current environment to buy high quality assets and strategic stakes related to German real estate at attractive prices. The company recently confirmed following market speculation that it may be considering the acquisition of a minority stake in CA Immobilien Anlagen AG ("CA Immo"). The company has low leverage and a high-quality portfolio, with an asset base which is complementary to Aggregate. There is currently no certainty that any such acquisition will proceed, nor as to the terms and conditions thereof.

In the fourth quarter of 2020, Aggregate issued EUR 500m of senior bonds with a 6.875% p.a. coupon and a maturity of five years through a EUR 400m initial offering and then a subsequent EUR 100m tap. EUR 283m of the existing EUR 350m notes due 2021 were tendered for exchange in to the new bond as part of the issuance.

Aggregate has demonstrated that its portfolio is very well positioned for the current environment. Residential real estate in Germany has proven to be very resilient through the Covid crisis, and prime mixed use real estate (Quartier Heidestrasse) has also continued to perform well. For FY 2020, Aggregate expects its LTV to be around 45%, and maintains its guidance of around or below 50% LTV in the medium-term.


About Aggregate Holdings
Aggregate Holdings SA (“Aggregate”) is a predominantly German-focussed real estate investment company, with interests also in Portugal. The company has €3.6bn of assets and a €6.8bn gross development value project portfolio over three divisions pro forma as of FY19. The Build-to Hold Division contains Quartier Heidestrasse, the largest mixed use real estate development in Central Berlin with over 230,000 sqm of gross lettable area, which is due to be fully completed by 2023. The Build-to-Sell division contains VIC, the largest developer in Portugal, with two developments on the Lisbon waterfront and a development near to Comporta, just south of Lisbon on the coast. The flagship Prata project will have first completions in early 2021, with full completion in 2023. The Financial Real Estate assets division includes the 26.6% strategic stake in Adler as well as other real estate assets and investments.

Aggregate Financial Services is not a subsidiary of, and is separate from, Aggregate Holdings.



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.: 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 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