Noerr guides TAG Immobilien in bond issuance

Noerr has advised TAG Immobilien AG ("TAG") with a team led by Dr Julian Schulze De la Cruz on the update of its EUR 3 billion EMTN program and the issuance of a EUR 300 million unsecured fixed rate bond. The bond, issued under the programme with a term of six and a half years and a coupon of 3.625% p.a., was placed exclusively with institutional investors and was several times oversubscribed. The transaction was accompanied by BofA Securities, Deutsche Bank, J.P. Morgan and Société Générale as joint bookrunners. With the placement of the bond, TAG successfully completed the refinancing of the acquisition of an extensive portfolio of rental apartments in Poland via the capital market. TAG had already raised total gross proceeds of EUR 298m on August 19, 2025 through a capital increase and the increase of the convertible bond 2025/2031. The bridge financing of EUR 600m concluded to secure the acquisition did not have to be utilised. Noerr advised TAG on both the update of the programme and the issue of the bond. Noerr had previously also advised TAG on the capital increase and the conclusion of the bridge financing. Advisor to TAG Immobilien AG was Noerr Partnerschaftsgesellschaft mbB with Dr Julian Schulze De la Cruz leading the Capital Markets team in Frankfurt, supported by Dr Dominik Kloka, Dr Thomas Thies, and Sarah Müller. Tax law was managed by Dr Martin Haisch in Frankfurt while Inhouse matters were overseen by Dr Uwe Foertsch, General Counsel of TAG Immobilien AG