VGP announces closing of seed portfolio with new joint venture partner Deka Immobilien

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Regulated Information 

31 August 2023, 6:00pm, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, is pleased to announce that, further to the press releases dated July 24 and August 24, 2023, it has closed the seed portfolio transaction with the new joint venture with Deka Immobilien (the ‘Fifth Joint Venture’).

The transaction has been approved by the antitrust regulatory bodies.

The acquisition price for the seed portfolio corresponds to a gross asset value of over €700 million, resulting in a cash recycling for VGP of over €450 million.

A further two closings with the Fifth Joint Venture are set for 1Q24 and 3Q24, resulting in a total gross asset value of over €1.1 billion to be transferred and cash recycling for VGP of over €700 million for the three transactions combined.