Antwerp, Belgium 24 July 2023 (7.00 a.m. CET)
VGP NV ('VGP') and Deka Immobilien, one of the largest globally active real estate investment companies in Europe, today announced the set up of a 50:50 joint venture, which is set to acquire over time a defined portfolio of 5 Parks with 20 buildings of German semi-industrial and logistics assets developed by VGP.
The total value of the joint venture is €1.1 billion which will be accomplished through a number of closings and with a first closing anticipated to materialize in Q3 2023.
Dr. Malte-Maria Münchow, head of acquisitions and sales (Logistics, Hotel, Retail) of Deka, said: “We are very pleased with the setup of this partnership in the German logistics market. This is our first European real estate joint venture and it reflects our groups’ shared ambition to create a stable and long-term portfolio of prime semi-industrial and logistics assets. This joint venture, the largest European logistics transaction of 2023 so far, is expected to contribute substantially to our European portfolio and fits within our aim to continue our growth as a real estate manager using an approach that focuses on quality and contributes to our sustainable business strategy – in economic, environmental and social terms.”
Jan Van Geet, CEO of VGP, said: “With DEKA, one of the leading European real estate investors, we have found a partner with a shared vision, focusing on creating sustainable value. Our joint venture marks an important milestone in our strategy to further diversify our cash recycling model and it speaks for the quality of our platform that we have been able to come to this partnership notwithstanding the adverse investment market conditions. We will share further details with our H1 update, but we are well on track to deliver on our targets for 2023 and beyond.”
The joint venture will form an addition to VGP’s group of existing joint ventures and will be operated in a similar way, in which VGP will continue to be the asset-, property-, and development manager of the assets.