Listed logistics developer VGP has built up a land bank of more than 2.5 million m2 following a large acquisition in Germany during the first quarter of 2014.
Listed logistics developer VGP has built up a land bank of more than 2.5 million m2 following a large acquisition in Germany during the first quarter of 2014.
Unveiling its Q1 activities, VGP said it had continued its expansion in Germany with the acquisition of a 537,000 m2 land plot in Munich for a new logistics park. The company also acquired a 47,000 m2 plot in Höchstadt (near Nürnberg) where a 10 year pre-let with a blue chip company has been signed.
A number of additional land plots in Germany, Czech Republic and Estonia are currently under negotiation and VGP expects that additional land plots will be secured and acquired during the following months.
At end-March 2014, the total secured land bank amounted to 2.8 million m2 of which 2.6 million m2 is fully owned by VGP.
This land bank, VGP said, covers 330,000 m2 of current developments and projects under construction and 582,000 m2 for new projects in Germany, 106,000 m2 in the Czech Republic, and 200,000 m2 in the other countries.
VGP said healthy growth in the signing of new lease agreements resulted in an increase of the committed annualised rent income to €11.9 mln in Q1 2014 compared to €10.4 mln at end-2013.
