Pan-European logistics and commercial real estate provider VGP has closed the seed portfolio transaction as part of the joint venture with real estate investor Deka Immobilien.
The transaction has been approved by the antitrust regulatory authorities.
The acquisition price for the seed portfolio corresponds to a gross asset value of over €700 mln, resulting in a cash recycling for VGP of over €450 mln.
A further two closings with the so-called Fifth Joint Venture are set for the first quarter of 2024 and the third quarter of 2024, resulting in a total gross asset value of over €1.1 bn to be transferred and cash recycling for VGP of over €700 mln for the three transactions combined.
As of June 2023, VGP's gross asset value amounted to €6.76 bn and the company had a net asset value of €2.2 bn.
Announced in July, the 50/50 venture is set to acquire over time a portfolio of five parks with 20 buildings of German semi-industrial and logistics assets developed by VGP.
The JV represents an addition to VGP’s group of existing joint ventures and the Antwerp-based company will continue to be the asset, property, and development manager of the assets.
VGP is also in exclusive ongoing negotiations for several iconic sites on prime locations, positioning the company for further continuous growth.
