Aggregate - comment

T1 creditors to the Fürst project under Lietzenburger Straße HoldCo have signed a standstill and lock-up agreement to restructure the company under UK law by January ’24. The T1s, which we understand to include Fidera, VBL, Safra and Huk Coburg, will be the only surviving asset class, taking the equity and injecting €150m of fresh cash on a super sr. basis. We understand Aggregate are to receive €1 from the transaction and to be otherwise held harmless. However, that only leaves aggregate with the small holding of Adler now and the developer looks due to be wound up. We expect the bonds to be entirely out of the money.