VGP NV: Allianz and VGP expand relationship with new European
logistics joint venture
Regulated Information
Paris |
Munich | Antwerp
| 04 January
2022 | 08.30am
CET
Allianz Real Estate, acting on behalf of several
Allianz group companies, and VGP, a European provider of
high-quality logistics and semi-industrial real estate, have agreed
to form a new 50/50 joint venture. The vehicle, the fourth such
venture between Allianz Real Estate and VGP since 2016, will
develop a portfolio of prime logistics assets in Germany, the Czech
Republic, Hungary and Slovakia.
Allianz Real Estate and VGP are targeting to
grow the joint venture to a gross asset value of EUR2.8 billion
within five years by exclusively acquiring prime assets developed
by VGP.
Within these countries, VGP has a pipeline of
over 90 assets in around 25 strategic locations, including near
capital cities such as Bratislava, Berlin and Budapest, with a
total forecast GLA of over 2.5 million sqm. The entire land bank
has been already secured and a number of assets already
delivered.
VGP is a leading developer, manager and owner of
logistics and semi-industrial real estate. The firm has a
development land bank of 10.49 million sqm of own or committed
land1 and currently owns and operates assets in 12 European
countries. It will again act as the JV manager, asset manager and
property manager for the venture with Allianz Real Estate.
The logistics sector accounts for 13% of global
Allianz Real Estate’s AUM, or EUR 10.3 billion, with the largest
allocation in Europe at EUR 4.9 billion as at the end of September.
2021 has seen some of the firm’s most significant transactions,
including the largest single logistics asset in terms of value in
the U.S. to date. It’s Italian Logistics Fund alone accounts for
over EUR 400 million across 16 facilities
The environmental profile of each facility will
be a priority, aiming to encompass Carbon Risk Real Estate Monitor
and EU Taxonomy compliance, the use of Sustainable Certification
including high BREEAM or DGNB ratings, and EPC criteria, among
others. As such, the JV will help Allianz Real Estate meet its
target to reduce carbon emissions across its portfolio by 25% by
2025 and be carbon net-zero by 2050.
“We are acutely aware of the impact that e-commerce has
generated in terms of the opportunities available in the market,
where onshoring and inventory management on the building networks
are essential. Having a dedicated logistics team working alongside
prime partners such as VGP, has enabled us to remain ahead of the
curve and continue to add significant capital allocation to our
global logistics portfolio, an area that represents a key strategic
focus for Allianz Real Estate,” said Kari Pitkin, Head of
Business Development Europe,
Allianz Real Estate.
Jan Van Geet, Chief Executive Officer
at VGP, said “We are delighted to
be expanding our partnership with Allianz Real Estate as this new
joint venture will give VGP greater optionality to refinance whilst
continuing to expand the Group’s asset base and development
pipeline. Having a partner who shares our commitment to sustainable
and responsible building and investment practices, we are very
pleased we have been able to agree to an ESG framework for this new
joint venture which appreciates and is aligned with our long-term
commitments. With a portfolio of prime and certified warehouses
under construction and an enviable land bank, the new joint venture
benefits from our significant Grade A pipeline in these four
markets.”
In June last year, VGP and Allianz Real Estate
announced the successful eighth and final closing of their first
50/50 joint venture, VGP European Logistics. The transaction
comprised of four logistic buildings, including two buildings in a
new VGP park and another two newly completed logistic buildings
which were developed in parks previously transferred to the joint
venture. Following this transaction this joint venture reached its
expanded investment target and is fully invested2
- End -
Allianz
enquiries:
Allianz Real EstatePaula
Eirich +49
89 3800 68318 / +49 160 9576
7391 paula.eirich@allianz.com
Citigate Dewe Rogerson
(UK)Hugh Fasken / Camilla Wyatt / Patrick
EvansAllCDRUKAllianzRealEstate@citigatedewerogerson.com
About Allianz Real Estate and PIMCOAllianz Real
Estate is a PIMCO Company, comprising Allianz Real Estate GmbH and
Allianz Real Estate of America and their subsidiaries and
affiliates. It is one of the world’s largest real estate investment
managers, developing and executing tailored portfolio and
investment strategies globally on behalf of a range of global
liability driven investors, creating long-term value for clients
through direct as well as indirect investments and real estate
financing. The operational management of investments and assets is
performed out of 18 offices in key gateway cities across 4 regions
(West Europe, North & Central Europe, USA and Asia Pacific).
For more information, please visit: www.allianz-realestate.com.
PIMCO is one of the world’s premier fixed income investment
managers. With its launch in 1971 in Newport Beach, California,
PIMCO introduced investors to a total return approach to fixed
income investing. In the nearly 50 years since, the firm continued
to bring innovation and expertise to our partnership with clients
seeking the best investment solutions. PIMCO has offices around the
world and 3,000+ professionals committed to delivering superior
investment returns, solutions and service to its clients. PIMCO is
owned by Allianz SE, a leading global diversified financial
services provider.
Source: Allianz Real Estate, data as at 30th September 2021.
These assessments are, as always, subject to the disclaimer
provided below.
Important Information Some of the statements in
this press release may be forward-looking statements or statements
of future expectations based on currently available information.
Such statements are naturally subject to risks and uncertainties.
Factors such as the development of general economic conditions,
future market conditions, unusual catastrophic loss events, changes
in the capital markets and other circumstances may cause the actual
events or results to be materially different from those anticipated
by such statements. Allianz Real Estate does not make any
representation or warranty, express or implied, as to the accuracy,
completeness or updated status of such statements. Therefore, in no
case whatsoever will Allianz Real Estate be liable to anyone for
any decision made or action taken in conjunction with the
information and/or statements in this press release or for any
related damages. Any views expressed were held at the time of
preparation and are subject to change without notice. While any
forecast, projection or target where provided is indicative only
and not guaranteed in any way. Allianz Real Estate accepts no
liability for any failure to meet such forecast, projection or
target. This document is not intended for distribution to or use by
any person or entity in any jurisdiction or country where such
distribution or use would be contrary to law or regulation. This
document is not and should not be construed as an offer to sell or
the solicitation of an offer to purchase or subscribe to any
investment. This document is not intended as investment advice, or
an offer or solicitation for the purchase or sale of any financial
instrument, or an offer or recommendation related to Allianz Real
Estate and/or its products. None of the information or analyses
presented herein are intended to form the basis for any investment
decision, and no specific recommendations are intended. PIMCO is a
trademark of Allianz Asset Management of America L.P. in the United
States and throughout the world. ©2021, PIMCO.
VGP
enquiries:
VGPKaren Huybrechts (media)+32 3 289
1432Karen.huybrechts@vgpparks.eu
Martijn Vlutters (investors)+32 3 289
1433martijn.vlutters@vgpparks.eu
Brunswick GroupAnette Nachbar+49 152 288
10363
About VGPVGP
N.V. is a pan-European developer, manager and owner of high-quality
logistics and semi-industrial real estate. VGP operates a fully
integrated business model with capabilities and longstanding
expertise across the value chain. The company has a development
land bank (owned or committed) of 10.49 million m² (as at 31
Oct-21) and the strategic focus is on the development of business
parks. Founded in 1998 as a Belgian family-owned real estate
developer in the Czech Republic, VGP with a staff of circa 350
employees owns and operates assets in 12 European countries
directly and through several 50:50 joint ventures. As of June 2021,
the Gross Asset Value of VGP, including the joint ventures at 100%,
amounted to € 4.48 billion and the company had a Net Asset Value
(EPRA NTA) of € 1.51 billion. VGP is listed on Euronext Brussels
(ISIN: BE0003878957). For more information, please visit:
http://www.vgpparks.eu
Forward-looking statements This press release
may contain forward-looking statements. Such statements reflect the
current views of management regarding future events, and involve
known and unknown risks, uncertainties and other factors that may
cause actual results to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. VGP is providing the information in
this press release as of this date and does not undertake any
obligation to update any forward-looking statements contained in
this press release in light of new information, future events or
otherwise. The information in this announcement does not constitute
an offer to sell or an invitation to buy securities in VGP or an
invitation or inducement to engage in any other investment
activities. VGP disclaims any liability for statements made or
published by third parties and does not undertake any obligation to
correct inaccurate data, information, conclusions or opinions
published by third parties in relation to this or any other press
release issued by VGP.
1 As of 31st of October 20212 Barring any top-ups related to
assets being completed in parks already owned by the joint
venture
- Allianz Real Estate_VGP JV EN 220104
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