31. 07. 2019

VGP NV ('VGP' or 'the Company') today successfully completed the initial closing with VGP European Logistics 2, its second 50/50 joint venture with Allianz Real Estate, as established on 1st of July 2019. The transaction consists of 3 business parks acquired by the joint venture from VGP, including eight prime logistic buildings of which four in the established markets of respectively Spain (3) and Austria (1), and four in the fast-growing market of Romania.

The initial transaction value is € 175 million, which includes some future development pipeline. The gross proceeds from this transaction amounts to circa € 96 million.

This is the initial closing for the second joint venture with Allianz Real Estate, which was launched on 1st July 2019, and has a target gross asset value of € 1.7 billion to be reached within five years by exclusively acquiring income generating assets developed by VGP in Austria, Italy, the Netherlands, Portugal, Romania and Spain. The first joint venture – VGP European Logistics – was launched in March 2016 and targets assets in Germany, the Czech Republic, Slovakia and Hungary. It has a similar target gross asset value and currently has c. € 1.4 billion worth of buildings in ownership or under construction.

The proceeds of the transaction will be used by VGP for financing of new and existing projects under construction. This development pipeline and future development of other new projects in the designated joint venture countries will continue to be developed at VGP’s own risk to be subsequently acquired by the joint venture subject to pre-agreed completion and lease parameters. VGP remains responsible for the operational and asset management of these parks.

“Following the successful launch of the second joint venture with Allianz Real Estate earlier this month this is the first important milestone for the expanded partnership,” said Jan van Geet, CEO of VGP. “After the €203 million closing last April with the first joint venture we foresee to do one more closing with the first joint venture before the end of the year putting us at pace to complete three joint venture closings in total during 2019.”


Petra Vanclová

VGP - industriální stavby s.r.o.

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Czech Republic

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