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DGAP-Adhoc: TAG Immobilien AG to enter the Polish residential-for-rent market

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DGAP-Ad-hoc: TAG Immobilien AG / Key word(s): Takeover/Real Estate
TAG Immobilien AG to enter the Polish residential-for-rent market

08-Nov-2019 / 13:50 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

*TAG to enter the Polish residential-for-rent market; acquisition of Vantage
Development via tender offer secured by 100% commitment of selling

*- Vantage Development shareholders have entered into an investment
agreement with TAG to sell all their shares for a total net consideration of
c.EUR 85m*

*- Mid-term target of c. 8,000 to 10,000 residential rental units in Poland;
Vantage Development's pipeline includes c. 5,300 residential units, thereof
up to c. 3,400 units available for the letting business*

*- Growing Polish residential-for-rent market as a regional expansion of
TAG's business model; Vantage Development as a nucleus of TAG's rental
portfolio in Poland *

Hamburg (8 November 2019) - Today, TAG Immobilien AG ("TAG") signed via TAG
Beteiligungs- und Immobilienverwaltungs GmbH, a 100% owned subsidiary, an
investment agreement to acquire 100% of the shares in Vantage Development
S.A. ("Vantage Development") with a simultaneous carve-out of its commercial
real estate business which will be repurchased by the selling shareholders.
Based on a tender offer price of PLN 11.50 per share, the total transaction
consideration (calculated on the basis of a PLN/EUR exchange rate of 0.234)
amounts to c. EUR 131m, of which c. EUR 46m relate to the commercial real
estate business unit. As a result, the total net consideration for TAG
amounts to c. EUR 85m for the residential business and platform of Vantage
Development. The total transaction consideration will be fully paid by TAG's
existing cash. The selling shareholders have committed to tender 100% of the
shares outstanding. Closing of the transaction is expected in Q1 2020 and
remains subject to mandatory anti-trust clearance. After completion of the
transaction, delisting of Vantage Development's shares, currently listed on
the Warsaw Stock Exchange, is intended.

Vantage Development is a leading real estate developer focused on the
economically strong region of Wroclaw in the western part of Poland with
proven track record of more than 4,000 units completed and delivered. The
secured residential pipeline currently consists of several residential
projects in Wroclaw representing a total of c. 5,300 units. Thereof,
according to TAG's assumptions, up to c. 3,400 units could be held upon
completion as yielding assets on the balance sheet to form the nucleus of
TAG's rental portfolio in Poland, whilst the remainder of the development
pipeline is already in the process of being sold down against cash between
2019 and 2021.

TAG Immobilien AG
Dominique Mann
Head of Investor & Public Relations
Phone +49 (0) 40 380 32 305
Fax +49 (0) 40 380 32 390

08-Nov-2019 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Phone: 040 380 32 0
Fax: 040 380 32 388
E-mail: ir@tag-ag.com
Internet: http://www.tag-ag.com
ISIN: DE0008303504
WKN: 830350
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
Hanover, Stuttgart, Tradegate Exchange
EQS News ID: 908601

End of Announcement DGAP News Service

908601 08-Nov-2019 CET/CEST

(END) Dow Jones Newswires

November 08, 2019 07:50 ET ( 12:50 GMT)

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