Germany’s TAG Immobilien plans to increase its stake in Colonia Real Estate by around 3m shares by means of a share swap.
TAG will issue about 1.8m new shares and increase the capital by €1.8m to €100.7m. This reflects a swap ratio of one TAG share to 1.69 Colonia shares. The 3m shares TAG is looking to acquire represent 6.91% of Colonia’s capital stock and will increase TAG’s interest in Colonia from 72.13% to 79.04%.
TAG expects to complete the transaction in November.
TAG acquired its majority stake in Colonia in several steps beginning at the end of 2010.
