EQS-News: Aggregate Holdings SA
/ Key word(s): Statement
Aggregate Holdings S.A. successfully completes sale of VIC Properties, one of the largest real estate developers in Portugal
Luxembourg 5 May: Aggregate Holdings S.A. ("Aggregate") announces that today it has completed the sale of its subsidiary VIC Properties S.A. ("VIC Properties", or "VIC"), one of the largest real estate developers in Portugal (the "Sale"). Aggregate has been fully released from its guarantee in respect of the VIC Properties' €250 million 3.00 percent secured Pre-IPO Convertible Bonds due 2025 ("VIC Bonds"), and in total guarantees relating to VIC of c. €475 million are being released. In connection with the Sale transaction, a consent solicitation relating to the VIC Bonds was passed, with holders representing 92% in aggregate outstanding nominal amount of the VIC Bonds voting in favour of the proposals. The Sale forms part of Aggregate's strategy to simplify its capital structure and asset base, and refocus on its core German markets. As at 30 June 2022, VIC accounted for net assets of €1,150 million and total assets of €1,882 million, including goodwill of €1,135 million, and the transaction will result in a reduction of net debt of more than €670 million. Under the terms of the transaction, Aggregate received an equity participation in the post-sale group, entitling it to receive 5% of all net distributions to the new investors in excess of €1 billion. This Sale demonstrates the increasing interest in Portugal as an investment market for international investors that has occurred since Aggregate acquired VIC in 2018. The existing VIC management team remains in charge to lead VIC into the next phase of its development. Following the sale, VIC Properties will receive significant new funding to continue and further accelerate the development of its residential projects in Lisbon and in the region of Comporta and Melides. "Aggregate has again demonstrated its ability to successfully close major strategic transactions in the current environment. This represents another significant milestone in in Aggregate's strategy to simplify its capital structure and asset base, and completes the refocusing on our core German markets. Aggregate is continuing to work on realising the underlying value of its prime Berlin-based assets over time to pay down debt and de-lever the company", commented Cevdet Caner, Chief Executive Officer of Aggregate. Contact John Nacos, Chief Investment Officer Boris Lemke, Investment Director John Ward, Vice President, Corporate Finance Alix Marie Walther, Manager of Communications & Marketing About Aggregate Holdings Important Notice This announcement contains statements about Aggregate and/or VIC that are or may be forward looking statements. All statements other than statements of historical facts included in this announcement may be forward looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "goals", "should", "would", "could", "continue", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "hopes", "projects" or words or terms of similar substance or the negative thereof, are forward looking statements. Such forward looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof. Aggregate and VIC disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law or regulation. 05.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - 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: | 1626163 |
| End of News | EQS News Service |
1626163 05.05.2023 CET/CEST
