Allianz Real Estate and VGP have entered a €500m joint venture to invest in logistics and industrial assets.
Brussels-listed VGP will develop assets for the partnership.
The joint venture will build a portfolio in Germany, the Czech Republic, Slovakia and Hungary.
VGP said capital, by selling existing income-generating assets to the joint venture, would be freed up and reinvested in the project pipeline.
Jan Van Geet, chief executive at VGP, said: “With the joint venture, we can consistently continue our growth from the last few years.
“At the same time, our company will retain decision-making power about new developments.”
VGP, which has previously worked with Tristan Capital Partners, will act as property, asset and development manager.
“Like us, our joint venture partner is also committed to a long-term perspective and wants to grow with us,” Van Geet said.
Allianz recently said it was investing for the first time in Slovakia, spending €175m on the Central Shopping Centre in Bratislava.