VGP and Allianz Joint Venture Completes €364 Million Logistics Portfolio Purchase
March 16 2022 - 2:00AM
VGP and Allianz Joint Venture Completes €364 Million Logistics
Portfolio Purchase
Antwerp, Belgium, 16 March 2022 (7.00 a.m. CET)
VGP NV ('VGP' or 'the Company') and Allianz Real
Estate, acting on behalf of several Allianz Group companies, today
announced a successful third closing with its 50:50 joint venture,
VGP European Logistics II (‘Second Joint Venture’)1. The
transaction comprised of 13 logistic buildings, including 9
buildings in 5 new VGP parks and another 4 newly completed logistic
buildings which were developed in parks previously transferred to
the Joint Venture.
The 13 buildings are located in Spain (7), Italy
(4), the Netherlands (1) and in Romania (1).
The transaction value is € 364 million2. The
gross proceeds from this transaction amounts to circa € 233
million3.
The proceeds will be applied towards the further
expansion of the development pipeline i.e. acquisition of new
development land and financing of existing projects under
construction and new projects which will start shortly.
Following the completion of this third closing
of the Second Joint Venture, the Second’s Joint Venture’s
property portfolio consist of 32 completed buildings
representing around 642,000 m² of lettable area, with a 99.8%
occupancy rate.
For Allianz Real Estate, this transaction adds
to its € 11.6 billion global logistics AuM, an asset class in which
the firm has materially increased its exposure over the last few
years with a focus on grade A logistics portfolios in prime
locations.
For VGP the increase in the joint ventures’
portfolio should have a further positive impact on the fee income
generated by the asset-, property-, and development management
services rendered by VGP to the Joint Ventures.
CONTACT DETAILS FOR INVESTORS AND MEDIA
ENQUIRIES
Investor Relations |
Tel: +32 (0)3 289 1433 investor.relations@vgpparks.eu |
Petra Vanclova (External Communications)| |
Tel: +42 0 602 262 107 |
Anette NachbarBrunswick Group |
Tel: +49 152 288 10363 |
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.
ABOUT VGP
VGP 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 10.94 million m²
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 today
owns and operates assets in 14 European countries directly and
through several 50:50 joint ventures. As of December 2021, the
Gross Asset Value of VGP, including the joint ventures at 100%,
amounted to € 5.75 billion and the company had a Net Asset Value
(EPRA NTA) of € 2.33 billion. VGP is listed on Euronext Brussels
(ISIN: BE0003878957).
For more information, please
visit: http://www.vgpparks.eu
1 VGP has entered into
four 50:50 joint ventures with Allianz Real Estate: (i) the First
Joint Venture i.e. VGP European Logistics S.à.r.l., (ii) the Second
Joint Venture i.e. VGP European Logistics 2 S.à.r.l., (iii) the
Third Joint Venture i.e. VGP Park München GmbH and (iv) the Fourth
Joint Venture i.e. VGP European Logistics 3 S.à.r.l. which will
become effective at the moment of its first closing, currently
expected to occur during the second half of 2022.
2 The transaction value is
composed of the purchase price for the completed income generating
buildings and the net book value of the development pipeline which
is transferred as part of a closing but not yet paid for by the
Second Joint Venture.
3 Total cash obtained after
transaction, including a simultaneous € 5.5 million equity
distribution.
- Third closing VGP European Logistics II JV - EN
VGP NV (EU:VGP)
Historical Stock Chart
From Aug 2024 to Sep 2024
VGP NV (EU:VGP)
Historical Stock Chart
From Sep 2023 to Sep 2024