Noerr aids TAG Immobilien with financing

Noerr has just announced its advisory role to TAG Immobilien AG, a firm listed on the MDAX, during a significant cash capital increase and bridge financing arrangement. The legal team, led by Dr Julian Schulze De la Cruz and Dr Torsten Wehrhahn, facilitated the capital increase which raised TAG's share capital to EUR 189,034,941.00. This increase occurred through the issuance of 12,478,291 no-par value bearer shares, each representing a notional interest of EUR 1.00 in the share capital, with dividends starting from 1 January 2025.

The move, which made partial use of the Authorized Capital 2025, reflects an approximate 7.07 per cent rise in the existing capital share. All of the newly issued shares were allocated to institutional investors using an accelerated offer procedure, thereby excluding existing shareholders’ subscription rights. The shares were placed at a price of EUR 14.90 each, generating substantial gross proceeds amounting to EUR 185.9 million.

In connection with this capital increase, the new shares are expected to be incorporated into TAG's listing on the regulated market of the Frankfurt Stock Exchange and its related sub-segment known as the Prime Standard on or around 25 August 2025. The private placement was facilitated by BofA Securities and Société Générale, acting as Joint Global Coordinators, with Deutsche Bank and Van Lanschot Kempen also participating as Joint Bookrunners.

Concurrently with the capital increase, TAG increased its outstanding convertible bonds due in 2031 through the issuance of new bonds with a total nominal value of EUR 98 million. The net proceeds from both capital measures are earmarked to partially finance the acquisition of a significant portfolio of rental flats in Poland from R4R Poland sp. z o.o., also known as the Resi4Rent portfolio, alongside fulfilling general corporate requirements. Should this transaction be successfully completed, pending antitrust approval, TAG's property portfolio in Poland would then expand to approximately EUR 2 billion.

To facilitate this acquisition, Noerr also provided legal counsel to TAG on a bridge financing arrangement amounting to EUR 600 million, backed by Bank of America Europe and Société Générale. Noerr's involvement with TAG encompasses a wide range of legal services related to stock corporation, capital markets, and financial law issues. They have a history of advising TAG on various projects, including the introduction of a scrip dividend and the earlier acquisition of Poland’s largest residential property developer ROBYG, alongside previous bridge financing and rights issues.

Advisors to TAG Immobilien AG included the Noerr Partnerschaftsgesellschaft mbB team led by Dr Julian Schulze De la Cruz, alongside Dr Torsten Wehrhahn, Dr Holger Alfes, Dr Philip Schmoll, Thomas Thies, Sarah Müller, Pinar Turkac-Christmann, and Paulina von Hülsen, all based in Frankfurt.

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