VGP Announces Signing of Joint Venture Closing and Joint Venture Lifetime Extension by 10 Years
FOLLOWS COMPLETION OF MUNICH JOINT VENTURE EARLIER IN THE MONTH
21 December 2022, 6:00pm, Antwerp, Belgium: VGP, a European provider of high-quality logistics and commercial real estate, announces the signing of the 10th closing for the First Joint Venture.
The transaction will comprise of three new logistic buildings which are located in Germany (one) and in the Czech Republic (two). The transaction value exceeds € 110 million1. The closing of the transaction will be effectuated in the course of January.
VGP and Allianz Real Estate also agreed to extend the term of the First Joint Venture agreement by 10 years to 2036.
When the First Joint Venture was setup in 2016 it shaped the ambition for a long term-partnership which since expanded to three active joint ventures between VGP and Allianz Real Estate. With the extension announcement today the partners reinforce their cooperation.
With regards to the completion of the Munich Joint Venture which was announced on the 14th of December, the Group received the first cash payment of over €70 million earlier this week.
CONTACT DETAILS VGP FOR INVESTORS AND MEDIA ENQUIRIES
Tel: +32 (0)3 289 1433
Tel: +32 (0)3 289 1432
VGP is a pan-European owner, manager and developer of high-quality logistics and semi-industrial real estate. VGP operates a fully integrated business model with capabilities and longstanding expertise across the value chain. Founded in 1998 as a Belgian family-owned real estate developer in the Czech Republic, VGP has a staff of circa 380 FTEs today and operates in 19 European countries directly and through several 50:50 joint ventures. As of June 2022, the Gross Asset Value of VGP, including the joint ventures at 100%, amounted to € 6.53 billion and the company had a Net Asset Value (EPRA NTA) of € 2.34 billion. VGP is listed on Euronext Brussels. (ISIN: BE0003878957).
For more information, please visit: www.vgpparks.eu
1 The transaction value is composed of the purchase price for the completed income generating buildings