TAG Immobilien AG to acquire ROBYG S.A. to accelerate its path of growth to become the leading Polish residential-for-rent player

- TAG has entered into a share purchase agreement to acquire a 100% interest in ROBYG S.A., the leading residential development firm in Poland, for an estimated purchase price of c. PLN 2,500m (c. EUR 550m), net of certain adjustments

- ROBYG's currently secured pipeline consists of c. 23,000 residential units across four Polish cities, enabling TAG to a meaningful market entry into Warsaw

- Combined with its existing subsidiary Vantage Development S.A., TAG will accelerate building up the largest residential-for-rent portfolio in the major Polish cities of Warsaw, Wroclaw, Poznan, TriCity, Krakow and Lodz consisting of more than 20,000 units to be completed in the years until 2028

- The acquisition is expected to close in Q1 2022. EUR 750m bridge financing secured which shall be taken out in 2022

Hamburg (22 December 2021)

Today, TAG Immobilien AG ("TAG") signed via a 100% owned subsidiary, a share purchase agreement to acquire 100% of the shares in ROBYG S.A. ("ROBYG") from Bricks Acquisitions Limited, a company controlled by The Goldman Sachs Group, Inc. and funds advised by affiliates of Centerbridge Partners L.P. ("Sellers"). The acquisition occurs just about two years after TAG's successful entry into the growing Polish residential market when acquiring Vantage Development S.A. ("Vantage") in late 2019. The final purchase price is based on a total transaction consideration of PLN 3,150m (c. EUR 694m) and subject to certain cash distributions to the Sellers of up to PLN 700m (c. EUR 154m) to be made prior to closing of the transaction and is expected to be in a range of c. PLN 2,450-2,550m (c. EUR 540-560m, based on a PLN/EUR exchange rate of 0.22).

The purchase price, potential repayments of existing financial debt of ROBYG, and further working capital for ROBYG's investments will be funded by a bridge facility of up to EUR 750m. The acquisition is expected to close in Q1 2022 subject to mandatory anti-trust clearance, whilst TAG management intends to refinance the bridge facility by way of capital market instruments in 2022, market conditions permitting.

ROBYG is the largest residential real estate developer in Poland focused on Poland's major cities, with a track record of more than 26,000 units completed and delivered in the past 20 years. The secured residential pipeline currently consists of residential projects in Warsaw, Wroclaw, TriCity and Poznan representing a total of c. 23,000 unsold units. Thereof, according to TAG's current assumptions, up to c. 12,000 units will be held upon completion as yielding assets on the balance sheet to add to TAG's rental portfolio in Poland, whilst the remainder of the development pipeline (c. 11,000 units) is designated for sale.

Contact:

TAG Immobilien AG
Dominique Mann
Head of Investor&Public Relations
Tel. +49 (0) 40 380 32 - 305
Fax +49 (0) 40 380 32 388
[email protected]