(MENAFN- EQS Group) DGAP-News: Aroundtown SA / Key word(s): Real Estate/Merger
13.02.2020 / 12:13
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AROUNDTOWN ANNOUNCES 77.5% FINAL ACCEPTANCE RATE OF THE OFFER TO SHAREHOLDERS OF TLG IMMOBILIEN AG
13 February 2020
Aroundtown SA ("Aroundtown") announces the final result of the voluntary public takeover offer for all shares in TLG IMMOBILIEN AG ("TLG") with an acceptance rate of 77.5%. Including the TLG shares previously held, Aroundtown will hold 77.8% of the shares in TLG following the settlement. The high acceptance rate underlines investors' support and confidence in the value-add potential of the combined companies.
The combination of Aroundtown and TLG will create the leading pan-European office/hotel/residential real estate company with a well-diversified portfolio in top tier European cities, primarily in Germany and the Netherlands, focused on the strongest asset classes. The complimentary platforms embed high value-add potential from the existing properties as well the develop-to-core development potential in prime locations and both companies are looking forward to integrate their capabilities in order to accelerate the extraction of this potential. The merger is credit rating supportive as it will enhance the business profile of both companies while maintaining solid and conservative financial fundamentals, positioning it well for its long-term credit rating target of A.
The resulting increased market cap and higher free float will support the potential inclusion into the DAX index, opening the investor base for new markets with increased visibility and liquidity.
Shmuel Mayo, CEO of Aroundtown: "We are pleased to see a very positive feedback on the merger from the market, which we see reflected in the high acceptance rate. With the strong support received from both shareholder groups and the large scale and strong position of the combined company within the market we feel confident that we can deliver strong long-term accretive value for all shareholders."
Following the agreed new improved governance structure, which will be implemented over the next 12 weeks, TLG decided the intended nominees to be Klaus Krägel and Barak Bar-Hen as members to the new management body of Aroundtown which will consist of a total of 5 members. The final composition of the management body will be decided in the near future.
Klaus Krägel is a supervisory board member of TLG and chairman of TLG's project development committee. Mr. Krägel has extensive experience in the German real estate industry among others as managing director in Goldman Sachs Realty Management as well as managing positions in DIM Holding AG, Deutsche Real Estate AG, Jones Lang LaSalle, AGIV Real Estate AG and GIV Management.
Barak Bar-Hen is the CEO of TLG. Mr. Bar-Hen advised European real estate groups with respect to their operations in Germany and the Netherlands with a focus on developing value add properties. Previously he held various management positions within the Elad Group in the USA and Europe and was appointed as CEO of Elad Europe in 2008. He has many years of experience in the acquisition, development and operation of residential and commercial value add properties.
The settlement date of the new shares to the TLG shareholders that have accepted the tender offer is expected to be on February 19, 2020.
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