VGP and Allianz Joint Venture Completes €68 million Logistics Portfolio Purchase
PRESS RELEASE
Regulated Information
Antwerp, Belgium, 16 June 2021 (6.00 p.m. CET)
VGP NV ('VGP' or 'the Company') and Allianz Real Estate, acting on behalf of several Allianz Group companies, today announced a successful eighth closing with its 50:50 joint venture, VGP European Logistics (‘First Joint Venture’)1. The transaction comprised of four logistic buildings, including two buildings in a new VGP park and another two newly completed logistic buildings which were developed in parks previously transferred to the Joint Venture.
The four buildings are located in Germany (three) and in the Czech Republic (one).
The transaction value is in excess of € 68.2 million2. The gross proceeds from this transaction amounts to circa € 51.8 million.
Lesen Sie auch
The proceeds will be applied towards the further expansion of the development pipeline i.e. acquisition of new development land and financing of existing projects under construction and new projects which will be started-up shortly.
Following the completion of this eighth closing of the First Joint Venture, the First Joint Venture’s property portfolio consist of 95 completed buildings representing around 1,780,000 m² of lettable area, with a 99.5% occupancy rate.
As with this eighth closing the First Joint Venture has reached its expanded investment target, this was the last closing with the First Joint Venture to include new parks. Advanced discussion between VGP and Allianz Real Estate with regards to the expansion of the First Joint Venture are progressing well and expected to be finalized in the coming period.
For Allianz Real Estate, this transaction adds to its €9.4 billion global logistics AuM, an asset class in which the firm has materially increased its exposure over the last few years with a focus on grade A logistics portfolios in prime locations.
For VGP the increase in the joint ventures’ portfolio should have a further positive impact on the fee income generated by the asset-, property-, and development management services rendered by VGP to the Joint Ventures.
CONTACT DETAILS FOR INVESTORS AND MEDIA ENQUIRIES
Martijn Vlutters VGP – Investor Relations |
Tel: +32 (0)3 289 1433 |
Petra Vanclova VGP – External Communications |
Tel: +42 0 602 262 107 |
Anette Nachbar Brunswick Group |
Tel: +49 152 288 10363 |
FORWARD-LOOKING STATEMENTS