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Allen & Overy advises syndicate of banks on capital increase with subscription rights of TAG Immobilien AG in the amount of approx. EUR 200m

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Dr Knut Sauer

Partner

Frankfurt am Main

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Uebelhoer Walter
Dr Walter Uebelhoer

Partner

Munich

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Marc Plepelits

Partner

Frankfurt am Main

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Harald Klett
Harald Klett

Manager PR & Communications

Frankfurt am Main

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28 July 2022

Allen & Overy has advised a syndicate of banks in connection with a capital increase with subscription rights from authorized capital against cash contributions from TAG Immobilien AG (TAG) in the amount of approx. EUR 200 million.

During the subscription period, which ended on 25 July 2022, a total of 28,990,260 new no-par-value ordinary bearer shares (New Shares) were offered to TAG’s existing shareholders at a subscription price of EUR 6.90 per New Share. Until the end of the subscription period, subscription rights for in total 28,308,845 New Shares were exercised, representing 97.65 % of the New Shares. The remaining 681,415 unsubscribed New Shares were sold on the market.

The rights issue forms the core part of a package of defined measures to redeem the bridge facility of EUR 650 million in relation to the recent acquisition of ROBYG S.A. In addition, the transaction strengthens TAG's equity base with a view to maintaining its existing investment grade ratings.

The capital increase was supported by BofA Securities, Credit Suisse, Deutsche Bank and Société Générale, acting as Joint Global Coordinators and Joint Bookrunners.

The Allen & Overy team was led by partner Dr Knut Sauer and senior associate Nadine Kaemper (both Capital Markets, Frankfurt). Partner Dr Walter Uebelhoer and senior associate Dr Rauni Ahammer (both Banking, Munich) advised in connection with the bridge facility. Partner Marc Plepelits as well as senior associates Martin Schmidt and Rita Nicole Thomas (all US Corporate Finance, Frankfurt) advised on US law issues.