TLG Immobilien AG (XTRA:TLG) acquired 9.99% stake in Aroundtown SA (XTRA:AT1) from Avisco Group PLC for €1.1 billion on September 1, 2019. The offer per share is €8.3. In a related deal, TLG Immobilien AG and Avisco Group PLC have entered into an option agreement pursuant to which TLG has a call right to purchase from Avisc, and Avisco has a put right to sell to TLG, another stake of up to 4.99% in the share capital of Aroundtown SA. As part of the transaction, each of TLG Immobilien AG and Avisco Group PLC have agreed to a lock-up of shares representing 9.99% in Aroundtown SA (based on the current share capital) until the earlier of August 31, 2020 or a potential merger between TLG Immobilien AG and Aroundtown SA. TLG Immobilien paid the consideration with €700 million in cash and rest through credit line by Avisco. TLG Immobilien AG intends to seek representation on the Board of Directors of Aroundtown SA. The stake purchase is accre­tive to the FFO per share of TLG Immobilien AG from day 1. UBS acted as financial adviser and Carsten Berrar, Konstantin Technau, Max Birke and Michael Rosenthal of Sullivan & Cromwell as legal advisers to TLG Immobilien AG.

TLG Immobilien AG (XTRA:TLG) completed the acquisition of 9.99% stake in Aroundtown SA (XTRA:AT1) from Avisco Group PLC on September 1, 2019. As on September 17, 2019, TLG raised €1 billion in form of a three-year unsecured notes (€500 million) as well as perpetual subordinated notes (€500 million), proceeds from these issuances allow TLG to finance completely the recent acquisition of a stake of 9.99% in the share capital of Aroundtown and to finance the potential exercise of the option to acquire an additional stake of up to 4.99% in the share capital of Aroundtown.