logo
Plus   Neg
Share
Email

TAG Immobilien To Buy Vantage Development

TAG Immobilien AG said that it signed an investment agreement to buy 100% of the shares in Vantage Development S.A. with a simultaneous carve-out of its commercial real estate business which will be repurchased by the selling shareholders.

Based on a tender offer price of PLN 11.50 per share, the total transaction consideration amounts to 131 million euros, of which 46 million euros relate to the commercial real estate business unit.

As a result, the total net consideration for TAG amounts to 85 million euros for the residential business and platform of Vantage Development. The total transaction consideration will be fully paid by TAG's existing cash.

The company expects to close the transaction in the first-quarter of 2020. After completion of the transaction, the company plans to delist Vantage Development's shares, currently listed on the Warsaw Stock Exchange.

Vantage Development is a 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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon Prime Day, the e-commerce giant's biggest shopping event of the year, is taking place on October 13 and 14, just after Canadian Thanksgiving. Amazon Prime members could get early access to Prime Day offers and deals every day, starting from today, up to the event in October. The two-day shopping event, which is usually held in the U.S. in mid-July, comes much delayed due to the coronavirus. Secaucus, New Jersey-based The Vitamin Shoppe is recalling Vthrive Bioactive Multivitamins citing risk of poisoning as it failed to meet child resistant packaging requirements, according to the U.S. Consumer Product Safety Commission. The recall involves about 8,200 units of Vthrive Bioactive Women's One-Daily Multi vitamins manufactured in United States. Commerzbank AG (CRZBY.PK) has appointed Deutsche Bank's German retail head Manfred Knof as its new chief executive officer, effective from 1 January 2021.
Follow RTT