Investor news


01. 04. 2019

VGP NV ('VGP' or 'the Company') announced that today it has successfully completed a fifth closing with VGP European Logistics, its 50/50 joint venture with Allianz Real Estate.  The transaction comprised of 9 logistic buildings, including 3 buildings each in a new VGP park and another 6 newly completed logistic buildings which were developed in parks previously transferred to the Joint Venture.

The 9 buildings are located in Germany (5) and in the Czech Republic (4).

The transaction value is € 203 million, which includes some future development pipeline. The net proceeds from this transaction (including disposed cash) amounts to circa € 130 million.

The net proceeds will be used for financing of existing projects under construction and new projects which will be started-up shortly and for the acquisition of new development land.

Following the completion of this fifth closing the Joint Venture's property portfolio consist of 77 completed buildings representing over 1.5 million m² of lettable area, and a gross asset value ("GAV") of € 1.56 billion.

The Joint Venture has € 950 million of committed bank facilities maturing in May 2026 which are drawn for €694 million. The bank debt is fully hedged and the weighted average cost of debt amounts to 2.01% per annum. The Loan to Value of the Joint Venture stands at 51.1% after the fifth closing.

The increase in the Joint Venture 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 VGP European Logistics joint venture.