Allianz Real Estate and Antwerp-based pan-European industrial parks developer VGP have expanded their strategic partnership with a new €1.7bn joint venture.
The duo have formed VGP European Logistics 2, a 50:50 venture to target core logistics assets in Austria, Italy, the Netherlands, Portugal, Romania and Spain.
Allianz is committing €350m in equity into the new joint venture at launch and the plan for the venture is to have a gross asset value of €1.7bn within five years by exclusively acquiring prime assets developed by VGP.
The latest partnership follows the first vehicle - VGP European Logistics - which launched in March 2016 and targets assets in Germany, the Czech Republic, Slovakia and Hungary.
It currently has a gross asset value of €1.4bn in ownership or under construction.
For Allianz, the latest deal strengthens its €5.6bn logistics portfolio within the managers €63.5bn real estate portfolio as it continues to increase its exposure to the sector.
