A joint ventures, VGP European Logistics and VGP European Logistics 2, between VGP NV(VGP) and Allianz Real Estate, have completed the acquisition of European logistics portfolio for €424 million from VGP.
The two transactions combined comprised of 19 logistic buildings, including 9 buildings in 5 new VGP parks and another 10 newly completed logistic buildings which were developed in parks which were already transferred to one of the joint ventures in a prior closing.
The 19 buildings are located in Germany (6), Spain (4), the Czech Republic (3), Netherlands (2), Italy (2), Romania (1) and Slovakia (1).
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The transaction with VGP European Logistics was the 7th closing between VGP and this joint venture and amounts to a value of €166 million with gross proceeds of €127 million. The closing with VGP European Logistics 2 was the 2nd closing between VGP and this joint venture and amounts to a value of €258 million1 with gross proceeds of €191 million. The two closings combined represent a value of € 424 million and generated gross proceeds of €318 million.
The proceeds will be applied by VGP 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 these transactions, the Joint Ventures’ property portfolio consist of 111 completed buildings (of which 91 buildings held by VGP European Logistics, 18 buildings held by VGP European Logistics 2 and two buildings held by VGP Park München) representing 2,176,000 m² of lettable area, with a 99.4% occupancy rate.