Noerr advises TAG Immobilien AG on its first scrip dividend

A Noerr team led by Stephan Schulz has advised Hamburg-based TAG Immobilien AG in connection with the implementation of its first scrip dividend.

Following a resolution at the company’s Annual General Meeting on 16 May 2025, TAG shareholders were offered the choice of receiving their 2024 financial year dividend either entirely in cash or partly in cash and partly as new TAG shares. This dividend option allowed shareholders to conveniently and cost-effectively reinvest their dividend entitlements into TAG shares. The increased liquidity resulting from the reduced cash outflow due to the scrip dividend is intended to support TAG’s ongoing growth strategy. With a subscription price of €14.392 per new share and a subscription ratio of 51.4:1, the acceptance rate was approximately 31% of the dividend-entitled shares. To issue around 1.1 million new shares, TAG conducted a rights issue from authorised capital. This included a public offering in Germany and Switzerland, as well as a private placement to qualified investors in Australia.

Scrip dividends are attracting increasing interest among German issuers. Noerr regularly advises TAG, a long-standing client, on a range of corporate and capital markets law matters. In this transaction, the advisory services focused on the structuring and execution of the scrip dividend. In Switzerland, legal advice was provided by Pestalozzi and in Australia by Clayton Utz.

Advisors to TAG Immobilien AG: Noerr Partnerschaftsgesellschaft mbB

Lead: Stephan Schulz (partner, Hamburg)

Capital Markets: Julian Schulze De la Cruz (partner, Frankfurt/Main), Jan Hoffmann Linhard (associated partner, Hamburg)

Inhouse counsel for TAG Immobilien AG: Uwe Foertsch (General Counsel)