Pan-European developer VGP and Allianz Real Estate have purchased a portfolio of 13 logistics assets in a third closing of their second 50:50 joint venture, VGP European Logistics II.
The transaction value amounts to €364 mln.
The 13 buildings are located in Spain (7), Italy (4), the Netherlands (1) and in Romania (1). Nine assets are located in five new VGP parks, while another four are newly completed logistics buildings which were developed in parks previously transferred to the JV.
The gross proceeds of circa €233 mln from the deal will be used to further expand VGP’s development pipeline.
For Allianz Real Estate, the transaction adds to its €11.6 bn of global logistics AuM, an asset class to which the firm has increased its exposure over the last few years with a focus on grade A logistics portfolios in prime locations.
VGP said the deal will have a further positive impact on the fee income generated by the asset-, property-, and development management services rendered by the company to the JVs with Allianz.
