DGAP-News: TAG Immobilien AG: TAG Immobilien AG's bid for DKB Immobilien AG accepted
(firmenpresse) - DGAP-News: TAG Immobilien AG / Key word(s): Acquisition
TAG Immobilien AG: TAG Immobilien AG's bid for DKB Immobilien AG
accepted
26.03.2012 / 15:05
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PRESS RELEASE
TAG Immobilien AG's bid for DKB Immobilien AG accepted
Hamburg, 26 March 2012 - TAG Immobilien AG ('TAG' in the following) today
received confirmation that its bid to buy DKB Immobilien AG has been
accepted. DKB Immobilien AG will cease to be part of the DKB AG group and
will be consolidated in and managed by the TAG Immobilien group from now
on. The transfer of shares will become effective within the first quarter
of 2012.
Since DKB Immobilien AG possesses some 25,000 residential units with total
rental space of around 1.5 million m², the transaction increases the TAG
Immobilien group's residential real estate inventory to approx. 56,000
residential units, and the group's annualised rent for 2012 to approx EUR
209 million. DKB Immobilien AG's properties, which collectively were valued
at about EUR 1.060 billion as at 31 December 2011, are nearly exclusively
located in former East Germany, and mostly in the regions of Thuringia,
Greater Berlin and Saxony. Most of the inventory is in a good condition and
fully or partly renovated. Vacancy was reported at 10.9% as at 31 December
2011.
TAG and DKB Immobilien AG both focus on the management of residential
property, and both have real estate at various locations in former East
Germany. Therefore, a merger of their business activities makes sense and
opens up potential for synergies and economies of scale, as well as
improved operating profitability across the entire group of companies.
The DKB Immobilien AG group of companies' liabilities to banks amount to
approx. EUR 800 million. During their negotiations, DKB AG and TAG agreed
that all existing non-current liabilities will be renewed through the year
2022 as each of the fixed-interest rate contracts expires, so that TAG is
assured of financing for the real-estate inventory for the next ten years.
Part of the cash component of the purchase price, which totals EUR 160
million, will be deferred for 18 months by DKB AG. TAG will use the time
until this instalment comes due to prepare the process of integrating the
companies. DKB Immobilien AG has approx. 275 employees, whose jobs are
largely secured by social clauses. Nor will the change of shareholder lead
to disadvantages for the tenants of DKB Immobilien AG's properties. TAG has
committed to adhere to all existing social clauses that are not affected by
the transaction.
Following consolidation, TAG's balance sheet total will be approx. EUR 3
billion.
'This is a transformational transaction for TAG. It strengthens us in the
attractive locations Berlin and Central Germany. We welcome the new staff
members to our group and look forward to working with them to continue
offering our tenants good service. TAG takes a sustainable, longterm
approach to residential property management. By taking over DKB Immobilien
AG, we have attained a structure and magnitude that lets us do this
economically,' says TAG CEO Rolf Elgeti.
Press enquiries:
TAG Immobilien AG
Investor&Public Relations
Britta Lackenbauer / Dominique Mann
Phone +49 40 380 32 0
Fax +49 40 380 32 390
pr(at)tag-ag.com
End of Corporate News
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26.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Germany
Phone: 040 380 32 0
Fax: 040 380 32 390
E-mail: ir(at)tag-ag.com
Internet: http://www.tag-ag.com
ISIN: DE0008303504
WKN: 830350
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
Stuttgart
End of News DGAP News-Service
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162286 26.03.2012
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Datum: 26.03.2012 - 15:05 Uhr
Sprache: Deutsch
News-ID 128360
Anzahl Zeichen: 4788
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Kategorie:
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