Noerr has advised Tag Immobilien on the acquisition of Polish residential property developer Robyg from Bricks Acquisitions Limited and the related EUR 750 million bridging loan. Greenberg Traurig advised the seller. Allen & Overy reportedly advised the lenders.
Closing is expected in the first quarter of 2022, pending regulatory approval. According to a Tag announcement, the estimated purchase price for Robyg is approximately EUR 550 million.
According to Noerr, "the purchase price, potential repayments of Robyg’s existing debt and additional working capital for Robyg’s investments will be financed by a bridging loan of up to EUR 750 million provided by Bank of America, Credit Suisse, Deutsche Bank, and Societe Generale."
Bricks Acquisitions Limited is a company controlled by Goldman Sachs Group Holdings and funds advised by affiliates of Centerbridge Partners.
Robyg is a Polish residential real estate developer, with more than 26,000 units delivered in the past 20 years.
Tag Immobilien is a real estate company focusing on the acquisition, development, and management of residential real estate, particularly in northern and eastern Germany and Poland.
"The acquisition of Robyg is an outstanding opportunity for Tag to continue realizing external growth and high yields within our defined set of financial metrics, and to further strengthen our footprint in the rapidly growing Polish residential-for-rent market," Tag Immobilien CEO Martin Thiel commented.
The Noerr team was led by Warsaw-based Partner Radoslaw Biedecki and Frankfurt-based Partners Andreas Naujoks and Torsten Wehrhahn and included Warsaw-based Counsel Konrad Werner, Senior Associates Anna Mirek and Katarzyna Zwierz-Wilkocka, and Associates Dorota Kesik, Tomasz Malerczyk, Jerzy Kapitanczuk, Waldemar Orynski, Jakub Jedlinski, and Izabela Kijak, as well as Frankfurt-based Partner Laurenz Wieneke and Lawyer Patrick Geist.
The Greenberg Traurig team included Warsaw-based Partners Agnieszka Stankiewicz, Stephen Horvath, Rafal Sienski, and Robert Gago, Local Partners Malgorzata Kercz, Maciej Pietrzak, Michal Bobrzynski, Filip Kijowski, and Maciej Kacymirow, Senior Associate Joanna Kuc, Associates Grzegorz Socha, Dawid Malinowski, and Anna Brynska, as well as Berlin-based Partner Peter Schorling and Chicago-based Partner Jeffrey Ekeberg.