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TAG Immobilien to purchase 25,000 units

Deutsche Kreditbank AG (DKB) today accepted TAG Immobilien AG's bid to buy DKB Immobilien AG. On 29 February 2012, TAG Immobilien AG had submitted a binding purchase offer for DKB Immobilien AG, with a cash component of €160 million. TAG will also assume about 800 million euros of debt by purchasing DKB. The company will use the money raised from a share sale last week, which generated gross proceeds of about €127 million, to pay for the acquisition.The purchase price will largely be financed with a capital increase against cash concluded last week by TAG Immobilien AG. The contract signing and takeover of shares in DKB Immobilien AG are expected to take place in the next few days. The transaction will increase TAG's residential propert...[…]