PL

POLAND TAG buys Robyg for PLN 2.5 bln

Residential
German real estate company TAG Immobilien has provisionally acquired Polish residential developer Robyg for an estimated PLN 2.5 bln.

Robyg currently owns a land bank where app 23,000 residential units could be built. It is committed to sustainable development, with a particular emphasis on ESG. Goldman Sachs, which has sold Robyg to TAG, acquired the company in March 2018 through its subsidiary Bricks Acquisitions Limited for app. EUR 244 mln (PLN 1,027 mln).

VictoriaPartners is acting as the financial advisor to TAG on the acquisition and related financing transactions. The transaction is subject to the usual antitrust proceedings, but is expected to go through in Q1 2022.

TAG entered the growing Polish residential market through the acquisition of Wrocław-based residential developer Vantage Development in late 2019. The German developer and asset manager’s stated intention is “to become the leading Polish residential-for-rent player in the major Polish cities of Warsaw, Wrocław, Poznań, the TriCity, Kraków and Łódź.” The purchase price, potential repayments of existing financial debt of Robyg and further working capital for its investments will be funded by a bridge facility of up to EUR 750 mln provided by Bank of America, Credit Suisse, Deutsche Bank, and Société Générale

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