Noerr advises TAG Immobilien AG on rights issue


With a team led by Julian Schulze De la Cruz and Laurenz Wieneke, Noerr has advised MDAX-listed TAG Immobilien AG (“TAG”) on a €200 million rights issue.

As part of the capital increase against cash contributions with subscription rights, TAG’s share capital is to be increased to €175,489,025.00 by issuing 28,990,260 no-par value bearer shares with a pro rata amount of the share capital of €1.00 each (“New Shares”), making partial use of the authorised capital 2022. This corresponds to an increase of approximately 19.8 percent of the previous share capital. The New Shares are fully entitled to dividends as of 1 January 2022.

Shareholders and investors have been contacted based on a securities prospectus approved by BaFin and a public subscription offer which has been published in the Federal Gazette (Bundesanzeiger) on Monday, 11 July. Full placement of the capital increase is secured by a placement guarantee provided by the syndicate banks.

TAG expects gross issue proceeds from the capital increase of approximately €200 million. The net issue proceeds are to be used to partially refinance the bridge financing for the acquisition of ROBYG S.A. (“ROBYG”), which is currently still in place in the amount of €650 million.

In parallel to the capital increase, Noerr has also advised TAG with a team led by Andreas Naujoks and Torsten Wehrhahn on extending the bridge financing, which now has a term until January 2024, taking into account all extension options.

Noerr advises TAG on a regular basis, in particular on issues relating to stock corporation and capital markets as well as finance law. Noerr recently advised TAG on its first ever launch of a Euro Medium Term Notes (EMTN) programme with a total volume of up to €3 billion and previously on its acquisition of Poland’s largest residential real estate developer ROBYG and the bridge financing of originally €750 million concluded for this purpose.

Advisors to TAG Immobilien AG: Noerr Partnerschaftsgesellschaft mbB

Team lead: Julian Schulze De la Cruz, Laurenz Wieneke (partners, Capital Markets, Frankfurt)

Capital Markets
Holger Alfes (partner), Dominik Kloka (associated partner), Dirk Buken, Jens Michael Göb, Thomas Thies (senior associates, Frankfurt)
Stephan Schulz (partner), Jan Hoffmann Linhard, Juri Stremel (senior associates, Hamburg)
Alison Heinze (US Capital Markets, senior associate, Berlin)

Banking & Finance
Andreas Naujoks, Torsten Wehrhahn (partners), Patrick Geist (senior associate, Frankfurt)

Real Estate / M&A
Christoph Hons (associated partner, Frankfurt)
Magdalena Purol (senior associate), Tomasz Malerczyk (associate, Warsaw)

Elena Marks (associate, Munich)

Martin Haisch (partner), Benedikt Rippert (senior associate, Frankfurt)

PR team

Banking & Finance
Energy & Infrastructure
Real Estate Investment Group
Capital Markets