TAG Immobilien AG to enter the Polish residential-for-rent market
TAG Immobilien AG / Key word(s): Takeover/Real Estate
TAG to enter the Polish residential-for-rent market; acquisition of Vantage Development via tender offer secured by 100% commitment of selling shareholders
- 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
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.
08-Nov-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||TAG Immobilien AG|
|Phone:||040 380 32 0|
|Fax:||040 380 32 388|
|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|