Allianz and VGP announce new EUR1.7bn European logistics joint venture

01 Jul 2019

VGP NV (“VGP”), the Antwerp-based pan-European developer, manager and owner of logistics and semi-industrial real estate assets and Allianz have expanded their strategic partnership with a new 50:50 joint venture. VGP European Logistics 2 is an investment vehicle targeting core logistics assets in Austria, Italy, the Netherlands, Portugal, Romania and Spain.

Allianz Real Estate and VGP are targeting to grow the joint venture to a gross asset value of EUR1.7 billion within five years by exclusively acquiring prime assets developed by VGP. This latest JV follows the first vehicle - VGP European Logistics - which launched in March 2016 and targets assets in Germany, the Czech Republic, Slovakia and Hungary. It currently has a gross asset value of c. EUR1.4 billion in ownership or under construction.