PL

POLAND TAG completes Robyg takeover

Residential
German residential developer TAG Immobilien has completed the 100 pct acquisition of its Polish counterpart Robyg from Bricks Acquisitions Limited for an estimated PLN 2.5 bln.

The preliminary deal was announced by ‘Eurobuild CEE’ at the end of December. Bricks Acquisitions is owned by Goldman Sachs Asset Management together with funds advised by affiliates of Centerbridge Partners as well as Robyg’s own management. The vehicle acquired Robyg in March 2018, through a tender offer and subsequent delisting from the Warsaw Stock Exchange, for app. EUR 244 mln (PLN 1,027 mln). For both that deal and the eventual sale of Robyg, Brick Acquisitions was advised by Greenberg Traurig. Victoria Partners acted as the financial advisor to TAG on the acquisition and related financing transactions.

TAG Immobilien AG is a German MDAX-listed company with a market valuation of app. EUR 3.7 bln (at the end of Q3 2021). It entered the Polish residential market in late 2019 through the acquisition of Wrocław-based developer Vantage Development.

Robyg recorded sales revenues of PLN 1.3 bln in 2021 and a net profit of PLN 396.7 mln, (an 88.3 pct y-o-y increase) while and its EBIT was PLN 490.6 mln (up by 82.3 pct y-o-y). its current pipeline currently consists of app. 25,500 units in the major Polish cities, 13,500 of which are earmarked for sale while around 12,000 are to be held in its portfolio after completion to complement TAG's rental portfolio in Poland. TAG has stated that it aims to build up a Polish rental portfolio of around 20,000 units over the next 6-7 years.

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