Allianz and VGP announce new logistics joint venture for the development of VGP Park Munich

Munich/Antwerp, 2 June 2020, 7:00 am CEST

VGP NV (“VGP”), the Antwerp-based European provider of high-quality logistics and semi-industrial real estate, and Allianz have expanded their strategic partnership by entering an agreement in respect of a new 50:50 joint venture for the development of VGP Park München.

The managerial and governance setup of the new partnership is similar to the existing two joint ventures between the two partners. VGP will serve the new joint venture as its sole asset, property and development manager.  Allianz Real Estate will manage the joint venture on behalf of Allianz group companies. Contrary to the two existing joint ventures which concentrate on the acquisition of income-generating assets developed by VGP, this new joint venture will initially be focussed on the development of VGP Park München.

Once fully developed the park will consist of five logistic buildings, two stand-alone parking houses and one office building for a total gross lettable area of approx. 270,000 m². The park is almost entirely pre-let to KraussMaffei Technologies and BMW.