Logistics specialist VGP and investment firm Deka Immobilien have announced the third and final closing of their 50:50 joint venture, Red.
This transaction includes a logistics building developed in a park that was transferred to the joint venture in the first closing. At the time, this asset was still under construction.
The building is located in VGP Park Magdeburg and is fully leased to Rhenus.
The transaction marks the final closing out of a pre-agreed series of three transactions in which the full portfolio of 20 buildings has been transferred to the JV. The pricing of the full portfolio was pre-agreed at the time of the initial closing.
This third transaction comprises €103.5 mln of gross asset value; VGP said it would generate €68 mln in net cash proceeds.
Following the completion of this final closing of the Red JV, the JV's property portfolio is now fully invested and consists of 20 completed buildings representing around 859,000 m2 of lettable area with a 100% occupancy rate.
