DLA Piper has advised DIC Asset AG in relation to their support of the public takeover offer submitted by TLG Immobilien AG for the shares of WCM Beteiligungs- und Grundbesitz-AG. As one of the largest shareholders, the DIC Asset Group holds about 25.95% of WCM's share capital and has now entered into tender agreements with TLG Immobilien in which it has, subject to certain conditions as well as terminations rights, undertaken to accept the intended public takeover offer of TLG Immobilien by way of an exchange offer.

Subject to the final fixing of the minimum prices and the final stipulations in the offer document, the offer proposes to swap 5.75 shares in WCM as quid-pro-quo for one no-par-value bearer share in TLG Immobilien, each having a notional value of EUR 1.00 in the share capital of TLG Immobilien.

Listed in the German SDAX, DIC Asset AG is a real estate company with investment focus on commercial real estate in Germany. The company has around 200 real estate assets under management with an aggregate market value of EUR 3.6 billion. The real estate portfolio is structured in two segments: the “Commercial Portfolio” comprises existing properties with long-term rental contracts generating attractive rental yields. The “Co-Investments” segment comprises fund investments, joint-venture investments, and interests in development projects.

The DLA Piper team was led by partner Kerstin Schnabel and consisted of counsel Dr Anja Köritz and senior associate Cornelia Wendel (all Corporate, Cologne).