Aggregate - comment

Aggregate have sold the Crown 1 site of their QH asset. This completes the disposal of the resi-dominated eastern half of the quarter, leaving Aggregate with only the Track segment - 100% office. The Crown 1 asset was the least developed among the QH blocks and accordingly, the sale seems to have been below book value, even as Aggregate claim it was at near double its projected development costs. The up-front cash amount seems to result in only a €35m pay-down of QH debt, but Aggregate will continue to develop the site and presumably now has the funding secured. Crown1 needs to be developed soon if Aggregate are to maximise their value from adjacent Track, which is far more progressed. We are updating our work on Aggregate ahead of a likely restructuring later this year.