Noerr advises TAG Immobilien on the establishment of a €3bn EMTN programme and the issuance of a 5.5 year benchmark bond

Noerr has advised TAG Immobilien AG ("TAG") on the establishment of a Euro Medium Term Notes (EMTN) programme ("Programme") with a total volume of up to EUR 3 billion and the issuance of an unsecured, fixed rate bond in the volume of EUR 500 million.

The Programme serves the long-term financing of the MDAX group on the capital market. It offers the Group the opportunity to place bonds in different currencies and with different maturities on the debt capital market in a standardised form. The base prospectus for the Programme was approved by the Luxembourg supervisory authority (Commission de Surveillance du Secteur Financier, CSSF) on 20 August 2024. The Company has applied to the Luxembourg Stock Exchange for the bonds issued under the Programme to be admitted to listing on the official list of the Luxembourg Stock Exchange and to trading on the regulated market of the Luxembourg Stock Exchange.

Under the Programme, the company issued a bond with a total volume of EUR 500 million for the first time on 4 September 2024. The bond has a term of five and a half years and a coupon of 4.250% p.a. The transaction was led by BofA Securities, Deutsche Bank, J.P. Morgan and Société Générale as joint bookrunners.

A team led by Frankfurt partners Dr Julian Schulze De la Cruz advised on both the set-up of the Programme and the issue of the bond. Noerr regularly advises TAG on stock corporation, capital markets and financing law issues. Noerr recently advised TAG, for example, on the acquisition of Poland's largest residential property developer ROBYG, the bridge financing concluded for this in the original amount of €750 million and a €202 million capital increase with subscription rights to partially refinance this bridge financing.

Advisors to TAG Immobilien AG: Noerr Partnerschaftsgesellschaft mbB

Dr Julian Schulze De la Cruz (lead, Capital Markets, Frankfurt)

Capital Markets

Dr Dominik Kloka, Dr Laurenz Wieneke, Dr Holger Alfes (all Partner, Frankfurt), Dr Thomas Thies, Jens M. Göb (both Senior Associates, Frankfurt), Alison Heinze (Senior Associate, Berlin), Dr Jan Hoffmann-Linhard (Senior Associate, Hamburg)

Banking and Finance

Dr Torsten Wehrhahn (Partner), Patrick Geist (Senior Associate, Frankfurt)

Tax

Dr Martin Haisch (Partner, Frankfurt)

Inhouse TAG Immobilien AG

Dr Uwe Foertsch (General Counsel)