TAG Immobilien

• Capital increase via Accelerated Bookbuild Offering of c. 12.48 million new shares, corresponding to c. 7.1% of the company’s pre-deal outstanding share capital and generating gross proceeds of c. €186 million for TAG Immobilien 
• The shares were placed at an issue price of €14.90 per share, representing a discount of only c. 3.2% vis-á-vis the last closing price prior to the announcement of the transaction
• Bookbuilding was launched following a market sounding exercise which resulted in visibility on indications of interest well in excess of the total deal size prior to launch
• The order book was covered swiftly upon launch and ultimately multiple times covered, comprising over 80 lines. Allocations to investors were largely skewed towards market sounded specialist and long-only investors as well as existing shareholders 
• Concurrent to the capital increase TAG Immobilien placed a tap issue of its convertible bonds due 2031 in an aggregate principal amount of €98 million
• TAG Immobilien intends to use the net proceeds to finance its acquisition of c. 5,300 new-build apartments across Poland for c. €565 million, becoming the largest landlord in the Polish market
• This transaction marks the first sizeable capital raising launched by a German residential issuer since 2022
• Together with the sale of Adler Group’s 62.78% stake in BCP and the €423 million portfolio sale by Adler Group to OCP and OneIM, this transaction underpins Van Lanschot Kempen’s unique position as a trusted financial advisor in the German residential real estate sector, offering expertise across products

TAG Immobilien is a German real estate company, focusing on the development and management of residential real estate assets, with a gross asset value of €7.3 billion spread over Germany (c. 73%) and Poland (c. 23%) post transaction. The German portfolio includes c. 83,000 units, primarily situated in the north and east of the country. In Poland, TAG Immobilien operates both build-to-sell (ROBYG) and build-to-rent (Vantage) platforms with c. 8,700 rental units spread across the six largest cities.

This transaction underpins our leading position in the European Real Estate sector. In the last twelve months, Van Lanschot Kempen has successfully completed multiple European Real Estate transactions, including:

• SEK 1 billion Accelerated Bookbuild Offering by Cibus
• €508 million acquisition of Forum Estates by Cibus
• €1.3 billion reverse merger of Vastned Retail with Vastned Belgium
• c. €120 million sale of a Student Experience PBSA asset for Rinkelberg Capital to Ardian and Rockfield
• €80 million Accelerated Bookbuild Offering by Xior Student Housing
• €423 million portfolio sale by Adler Group to OCP and OneIM
• €219 million sale of 62.78% stake in Brack Capital Properties by Adler Group to LEG
• €154 million Rights Issue by Montea
• SEK 1.1 billion Accelerated Bookbuild Offering by Swedish Logistic Property
• SEK 5.2 billion Accelerated Bookbuild Offerings by Catena 
• €600 million green bonds by Amvest
• €750 million extension of credit facilities by Amvest