Logistics specialist VGP and Allianz Real Estate’s 50:50 joint venture, VGP European Logistics has announced the acquisition of four new logistic buildings in Germany (three) and in the Czech Republic (one) for over €68 mln.
The proceeds will be used to further expand the development pipeline including the acquisition of new development land and the financing of existing projects under construction and new projects which will be started-up shortly.
Following the deal, the joint partners’ property portfolio consist of 95 completed buildings representing around 1,780,000 m2 of lettable area, with a 99.5% occupancy rate.
For Allianz Real Estate, this transaction adds to its €9.4 bn global logistics AuM.
For VGP the deal is expected to have a positive impact on the fee income generated by the asset-, property-, and development management services rendered by VGP to the Joint Venture.
