Allen & Overy LLP has advised Berenberg Bank as sole bookrunner in connection with the private placement of 4,095,124 treasury shares by TAG Immobilien AG. The shares were placed with institutional investors through an accelerated bookbuilding process. The placement price was EUR 12.48 per share, which equals a 2.0% discount to the last closing price on the Frankfurt Stock Exchange.

The transaction resulted in gross issue proceeds for the company in the amount of approx. EUR 51 million, which TAG intends to use for the purpose of financing the acquisition of 1,441 residential units in the city of Brandenburg, which was announced on 6 March 2017, as well as for further acquisitions and the continued optimisation of its capital structure.

The Allen & Overy team was led by partner Dr. Knut Sauer (International Capital Markets), with partner Marc Plepelits (US Corporate Finance, both Frankfurt) advising on US law aspects.

In-house advisors at Berenberg were Marc Christian Gei and Vanessa Harms.