TAG buys TLG Wohnen for 471 mln eur, to issue 30 mln new shares

FRANKFURT Mon Nov 19, 2012 4:52am EST

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FRANKFURT Nov 19 (Reuters) - German real estate group TAG Immobilien has agreed to buy state-owned TLG Wohnen GmbH for 471 million euros ($598 million) including debt, it said on Monday.

Financial sources have said that TAG and private equity investor Lone Star were the favourites to buy the portfolio of properties, which covers 12,000 flats in former East Germany and some commercial properties.

TAG also said it would carry out a capital increase of up to 30 million new shares. ($1 = 0.7871 euros) (Reporting by Christoph Steitz)

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