Aggregate Holdings SA
Aggregate Holdings sells two segments from its Quartier Heidestrasse project for €456m, a premium to book value
DGAP-News: Aggregate Holdings SA
/ Key word(s): Statement
Aggregate Holdings sells two segments from its Quartier Heidestrasse project for €456m, a premium to book value
Luxembourg, 9 September 2022. Aggregate Holdings S.A. (“Aggregate”) has closed the sale of QH Core and has signed an agreement for the sale of QH Spring, two segments of its landmark Quartier Heidestrasse project (“QH”). The gross purchase price of the two assets is €456m, which implies a premium to book value. “The sale of these segments at a premium demonstrates the fundamental value and overall quality of Quartier Heidestrasse. The transaction further echoes Aggregate’s capability to create value through the construction of office and residential buildings in Germany’s top cities, even in this challenging environment” commented Cevdet Caner, Chief Executive Officer of Aggregate. QH Core and QH Spring have a combined gross construction area of 85,095 sqm. Together they represent approximately 15% of the value of the project. The premium to book value achieved on the transaction demonstrates the strong underlying value of QH as a premium asset, located ten minutes walking distance from Berlin’s famous government district. Leasing volumes continue to be strong with sizeable lease agreements currently being negotiated. Aggregate is in ongoing discussions with other potential buyers on the rest of QH, with approximately 85% of the asset still to be sold as a whole or in parts. QH Core and QH Spring have been sold to Vivion Investments S.à r.l. (“Vivion”). The transaction, in whole, will reduce gross debt by around €440m, and reduce LTV by approximately 2.7 percentage points i.e. from 59.8% to 57.1% pro forma FY 2021. Contact Boris Lemke, Investment Director Dr Christoph Walther, Consigliere Consult Xander Heijnen, Consigliere Consult
About Aggregate Holdings
09.09.2022 CET/CEST Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Aggregate Holdings SA |
Rue Antoine Jans 10 | |
1820 Luxembourg | |
Luxemburg | |
ISIN: | LU1922424012 |
WKN: | A2PAUX |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Stuttgart; Luxembourg Stock Exchange |
EQS News ID: | 1437789 |
End of News | DGAP News Service |