Allianz Real Estate, the property arm of the German insurance giant, in partnership with pan-European developer VGP, has acquired 13 logistics buildings in Germany and the Czech Republic for €232 mln.
Representing the sixth successful close of the pair's 50:50 joint venture, VGP European Logistics, the transaction involves seven buildings in three new VGP parks, and another six newly completed logistic buildings developed in parks previously transferred to the joint venture.
The vehicle exclusively purchases properties which VGP has developed in the fund's target markets. Nine of the buildings are located in Germany, with four in the Czech Republic.
Following the deal, the joint venture's property portfolio amounts to 81 completed buildings comprising 1,584,000 m2 of space. Allianz Real Estate and VGP also have a second joint venture in operation, which currently numbers 10 properties with a lettable area of 177,000 m2. All of the properties have a 99.5% occupancy rate.
The transaction value, in excess of €232 mln, includes some future development pipeline. VGP said that the gross proceeds from the transaction amounted to around €130 mln.
VGP added that the sale proceeds have been applied towards the repayment of a short term bank debt of €50 mln, with the remaining set to be used for the further expansion of the development pipeline.
In July, the two firms launched the second VGP European Logistics vehicle with plans to invest €1.7 bn in logistics across Europe.
