Caner’s €300,000 Monthly Fee Irks Some Lenders to Berlin Project
- Revamp of Aggregate project taps Caner’s own firm for help
- Aggregate, run by Caner, fully supports the restructuring plan
This article is for subscribers only.
A proposal that would allow real estate mogul Cevdet Caner to make a little money on the side from the meltdown of Aggregate Holdings SA, the property investment firm that he runs, is being challenged by some creditors.
As lenders to one of Aggregate’s most ambitious developments face steep losses, a firm owned by the Austrian tycoon stands to make €300,000 ($323,340) a month in fees as a consultant helping with the completion of the stalled mega-project. That is, if a restructuring program for the development in Berlin — known as Project Fuerst — goes ahead as planned.