VGP and Allianz Joint Venture Completes €68 million Logistics Portfolio Purchase
VGP and Allianz Joint Venture Completes €68 million Logistics
Antwerp, Belgium, 16 June 2021 (6.00 p.m.
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
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.
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
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
Martijn Vlutters VGP – Investor Relations
Tel: +32 (0)3 289 1433
Petra Vanclova VGP – External Communications
Tel: +42 0 602 262 107
Anette NachbarBrunswick Group
Tel: +49 152 288 10363
This press release may contain forward-looking
statements. Such statements reflect the current views of management
regarding future events, and involve known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. VGP is providing the information in this press release
as of this date and does not undertake any obligation to update any
forward-looking statements contained in this press release in light
of new information, future events or otherwise. The information in
this announcement does not constitute an offer to sell or an
invitation to buy securities in VGP or an invitation or inducement
to engage in any other investment activities. VGP disclaims any
liability for statements made or published by third parties and
does not undertake any obligation to correct inaccurate data,
information, conclusions or opinions published by third parties in
relation to this or any other press release issued by VGP.
VGP is a pan-European developer, manager and
owner of high-quality logistics and semi-industrial real estate.
VGP operates a fully integrated business model with capabilities
and longstanding expertise across the value chain. The company has
a development land bank (owned or committed) of 8.54 million m² and
the strategic focus is on the development of business parks.
Founded in 1998 as aBelgian family-owned real estate developer in
the Czech Republic, VGP with a staff of c. 300 employees today owns
and operates assets in 11 European countries directly and through
several 50:50 joint ventures. As of December 2020, the Gross Asset
Value of VGP, including the joint ventures at 100%, amounted to €
3.84 billion and the company had a Net Asset Value (EPRA NAV) of €
1.35 billion. VGP is listed on Euronext Brussels and on the Prague
Stock Exchange (ISIN: BE0003878957).
For more information, please visit:
1 VGP and Allianz Real Estate own three 50:50 joint ventures (i)
the First Joint Venture i.e. VGP European Logistics S.à.r.l. and
(ii) the Second Joint Venture i.e. VGP European Logistics 2
S.à.r.l. and (iii) the Third Joint Venture i.e. VGP Park München
GmbH2 The transaction value is composed of the purchase price for
the completed income generating buildings and the net book value of
the development pipeline which is transferred as part of a closing
but not yet paid for by the First Joint Venture.
- Eighth closing VGP European Logistics JV - EN
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