Vonovia’s Q3 results this morning highlights that there remains at least minimal liquidity in the residential market in Germany, with €1.7bn of sales in Q3.  Reassuring

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

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

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