Allianz and VGP European logistics investment JV completes first deal
Allianz Real Estate and VGP’s new logistics investment partnership has completed €175m worth of deals.
Antwerp-based pan-European industrial parks developer VGP said it sold three business parks to the VGP European Logistics 2 joint venture. The assets include three logistic buildings in Spain, one in Austria and four buildings in Romania.
Last month, Allianz and VGP expanded their strategic partnership with a new €1.7bn joint venture. The duo formed VGP European Logistics 2, a 50:50 venture to target core logistics assets in Austria, Italy, the Netherlands, Portugal, Romania and Spain.
At the time, the companies said Allianz was committing €350m in equity into the new joint venture and the plan for the venture was 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.
VGP said today that the initial transaction value is €175m, which includes some future development pipeline.
VGP said it will use its €96m proceeds from the latest deal to finance new and existing projects under construction.
Jan van Geet, CEO of VGP, said: “After the €203m closing last April with the first joint venture we foresee to do one more closing with the first joint venture before the end of the year putting us at pace to complete three joint venture closings in total during 2019.”