The regional focus of the portfolio lies in northern Germany and Saxony, so that the properties can be managed very cost-effectively by the TAG group?s existing offices in Hamburg and Leipzig. The total rental space is 208,393 m², with net rent at EUR 12.7 million per annum, and the purchase price is around EUR 150 million. About three-quarters of the real estate (by square metres is distributed to various north German cities, with a focus on the greater Hamburg region, Wolfsburg and Cuxhaven, and roughly a quarter in Saxony, in and around Dresden and Leipzig. The vacancy rate is 6.3%. Most of the inventory is post-war, or new construction from the late 1990s, in excellent condition, a fact that is reflected in the average actual rent of approx. 5.42 EUR/m2 per month.
As part of the transaction, the sellers will give to TAG, as a contribution in kind, shares in five property companies that own the portfolio. Therefore, the Management Board has today decided to utilise the capital authorised by the General Meeting on 7 April 2011, and pending the approval of the Supervisory Board, to issue 5,476,924 new shares against contribution of the shares in the property companies. The issue price of the new shares is 8 EUR per share. In addition to the issuance of shares, a payment in the amount of up to approx. EUR 9 million was agreed. The statutory subscription right of shareholders is excluded. The capital increase increases the share capital from currently EUR 64.4 million to EUR 69.9 million. The purchase of shares is contingent upon the entry of the capital increase in the commercial registry, which is scheduled for autumn 2011. Once the transaction is concluded, the sellers of the portfolio will own 7.8 % of the voting rights in TAG.
Today?s acquisition further expands the TAG group? s portfolio, increasing its residential real-estate volume by some 10 percent to 2,180,006 m² or 30,285 units. As part of its growth strategy focusing on select regional locations that promise development potential and attractive yields, TAG is continually and sustainably strengthening its position in the German real estate market.
?Like our earlier acquisitions, this will have a positive impact on our cash flow, our profitability and our NAV per share. The fact that the sellers accepted our shares as currency at a rate of 8 EUR, underscores investors? confidence in our strategy of value creation,? says Rolf Elgeti, Chairman of the TAG Immobilien AG Management Board.
TAG is able to handle the management of these properties with its existing infrastructure. To facilitate the transition, however, TAG won?t take over the property management until towards the end of 2012.
Press enquiries:
TAG Immobilien AG
Investor Public Relations
Britta Lackenbauer / Dominique Mann
Phone +49 40 380 32 300
Fax +49 40 380 32 390
pr@tag-ag.
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