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

The senior creditors of the Fürst project have committed themselves to inject the fresh cash needed to finish the development. As a result, Aggregate should

Please find our unchanged analysis here.

Sometimes the theory is good, but it just doesn’t come together. Such it has been with Aggregate. Even today - after Oaktree are enforcing against a holding

Please find our updated analysis of Aggregate here.

The bonds have not bounced following the waiver. Bondholders must fear that they are dominated by a majority that is friendly with the company or holds

As per our last note, bondholders had little option but to give the developer more time to create wealth. Without mentioning concrete figures, Aggregate have

We have been looking through this consent solicitation in our recent analysis and our view remains intact. The solicitation under German WpHG comes 55% pre-agreed, as the

Please find our updated analysis of Aggregate here.

We’ve only had sporadic news from Aggregate recently and the last set of financials dates back to June 2022. But nonetheless, a lot has happened at the developer and

Aggregate have sold the Crown 1 site of their QH asset. This completes the disposal of the rest-dominated eastern half of the quarter, leaving Aggregate with only the

Aggregate have extricated themselves from the VIC situation clean. Developer gives up 100% of shares in the Portuguese business and in return benefits

Please find our unchanged analysis of Aggregate here.

If a market turns illiquid and assets can’t be monetised, it takes deep connections and high financial structuring expertise to barter with the underlying assets instead. Cevdet Caner has both and that’s Aggregate’s asset. Still, all that glitters is

The sale of its QH project in Berlin seemed to be progressing on Friday with rumours that Aggregate are in talks with Australian Super for all of the remaining project. The Berlin-focused

Following progress with Vivion involving a successful sale of two QH units, Aggregate has received consent from its VIC lenders to push the

Ahead of its month-end deadline to repay the VIC bonds, Aggregate are engaging in a notable PR effort aimed at raising the value of their QH and Fürst assets. The signings of high-profile tenants certainly suggest

Aggregate have signed City Leisure Group (CLG) as anchor tenant for their Fürst project in Berlin. CLG are the organisers of “This is Holland”, a flight simulator

Please find our unchanged analysis here.

Some two weeks ago, Rolf Buch, CEO of Vonovia was seen in the China Club in Berlin. As German RE is largely carved up between the members of that club and observing the deluge of deals since then, we have the distinct impression that some deal went down in those days that broadly fits the narrative we have been discussing for some time now, even if we are not sure about this detail or if we are merely seeing ghosts - probably. But even if that’s all idle speculation, it's the absence of certain other news combined with today’s courageous press release that has us going back to the Phoenix.