Press Release
Regulated Information
Antwerp, Belgium 25 April 2024 (7.00 a.m. CET)
VGP NV (‘VGP’) and AREIM Pan-European Logistics Fund (D) AB, today announced the signing of the first seed closing between VGP and their 50:50 joint venture, SAGA (The ‘Sixth Joint Venture’). The transaction comprises 17 logistics buildings in 10 VGP Parks.
The 17 buildings are located in Germany (6 parks, 8 buildings), the Czech Republic (3 parks, 5 buildings) and Slovakia (1 park, 4 buildings).
The transaction with the SAGA Joint Venture will be the 1st closing of a series that will together add up to the pre-agreed investment target of € 1.5 billion. The pricing of the closing has been agreed at a gross asset value of € 437 million. With the transaction VGP is due to generate circa € 280 million of gross cash proceeds.
Following the completion of this first closing of the SAGA Joint Venture its property portfolio will consist of ca. 450,000 m² of gross lettable area and is 100% let.