Areim and VGP’s European industrial real estate investment partnership has acquired 18 assets located in 13 different logistics parks across Spain, Italy, Portugal, Germany, Austria, the Czech Republic and Slovakia.
The 50:50 Saga joint venture, created in December 2023, has agreed to acquire the 424,000sqm portfolio as its third acquisition.
With the latest acquisition, the joint venture portfolio will consist of 39 properties with a lettable area of approximately 988,000sqm spread across eight countries.
The joint venture is targeting €1.5bn worth of gross asset value with a 35% loan-to-value ratio.
Jesper Warén, head of light industrial investments at Areim, said: “This third closing marks a major milestone for the Saga joint venture, nearly doubling the value of its portfolio and reinforcing our strong partnership with VGP.
“We are proud to expand into four new countries, further strengthening our presence in Europe’s most attractive logistics markets. With robust sector fundamentals, we see compelling opportunities ahead and remain committed to accelerating growth together.”
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