WOOD Flash - Polish residential real estate: TAG buys Robyg for c.EUR 550m
German residential landlord TAG Immobilien has announced that it is buying Robyg, the leading Polish residential developer, from Goldman Sachs (GS) for PLN 2.5bn (c.EUR 550m). The transaction price implies a c.2.1x P/B on Robyg’s 3Q21 BV, and a c.12x P/E on its 2020 earnings, as well as an EV of around PLN 2.9bn, or c.11x EV/EBITDA on its 2020 earnings. The valuation of the deal underscores how attractive the Polish homebuilding space remains for both local and foreign investors. It also highlights the promise of the emerging Resi4Rent segment, with a number of players currently busy trying to assemble portfolios across CEE and, above all, in Poland.Dom Development is engaged in the construction and sale of residential real estate in Poland.
Echo Investment is a real estate investment and development company based in Poland. Co.'s is engaged in operations in the real estate market, the design, construction and development of shopping and entertainment centers, hotels, office buildings, houses, blocks of flats and apartments. Co.'s operations are organized along three operating segments: Shopping and Entertaining Centers, Offices and Hotels and Residential. Co. also offers general contracting services for third party investors. Co. owns properties throughout Poland, including Szczecin, Poznan, Warsaw, Krakow and Kielce, among others, and abroad, including Ukraine, Romania and Hungary.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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