The first of four joint ventures set up between VGP, the Belgian family logistics and commercial real estate company, and Allianz Real Estate, has been extended by 10 years to 2036.
The original JV signed in 2016 was due to expire in four years' time, and is the precursor to three more JV agreements created between the two companies.
As well as extending the original one by 10 years, VGP has revealed the tenth transaction for the vehicle - three new logistic buildings in the Czech Republic and Germany worth over €110 mln.
Founded in 1998 as a Belgian family-owned real estate developer in the Czech Republic, VGP has a staff of around 380 and operates in 19 European countries directly and through several 50:50 joint ventures. It is listed on the Euronext Brussels stock exchange.
As of June, it has assets of €6.53 bn and a net asset value of €2.34 bn.
