Allianz Real Estate and VGP have added a €424m logistics portfolio of 19 assets to their European joint ventures.
The assets, located in Germany, Spain, the Czech Republic, Netherlands, Italy, Romania and Slovakia, have been added to the VGP European Logistics and VGP European Logistics 2 50:50 joint ventures.
In July last year, Allianz and the Antwerp-based pan-European industrial parks developer expanded their strategic partnership with the formation of VGP European Logistics 2, a joint venture to target core logistics assets in Austria, Italy, the Netherlands, Portugal, Romania and Spain.
Allianz committed €350m in equity into the new joint venture at launch 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 partnership followed the first vehicle - VGP European Logistics - which launched in March 2016 and targets assets in Germany, the Czech Republic, Slovakia and Hungary.
The companies said today that the latest transaction with VGP European Logistics was the seventh closing between VGP and this joint venture and amounts to a value of €166m with gross proceeds of €127m. The closing with VGP European Logistics 2 was the second closing between VGP and this joint venture and amounts to a value of €258m with gross proceeds of €191m.
The two closings combined represent a value of € 424m and generated gross proceeds of €318m, the companies said.
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