VGP Announces Closing of Third Joint Venture in Munich
December 14 2022 - 1:00AM
VGP Announces Closing of Third Joint Venture in Munich
PRESS RELEASEREGULATED INFORMATION
FOLLOWS COMPLETION OF PROJECT WITHIN
BUDGET AND WITHIN ORIGINAL TIMEFRAME
14 December 2022, 07:00am,
Antwerp/Munich: VGP, a European provider of high-quality
logistics and commercial real estate, announces the completion of
VGP Park Munich following the hand-over of key to KraussMaffei end
of last month.
KraussMaffei is relocating its head offices to
the new business park, which is marked as the largest relocation
project in Greater Munich since the relocation of Munich Airport in
1992. The move by KraussMaffei follows the announcement by BMW of
the opening of a Battery Competence Centre in the same park last
May. Together, KraussMaffei – with 212,000 m2 gross lettable area –
and BMW –with 64,000 m2 gross lettable area – occupy the existing
park. Building D, which is to be completed by 2026 will provide
38,000 m2 gross lettable area and is an extension option for
KraussMaffei. Once fully developed, VGP Park München will consist
of five logistics buildings, two stand-alone parking houses and one
office building for a total gross lettable area of ca. 314,000
m2.
As a result of the successful completion of the
project with delivery well within budget and within the original
timeframe, VGP will receive a cash payment from Allianz Real Estate
accordingly. VGP Park München is the third 50:50 joint venture
between VGP and Allianz Real Estate, which was established in June
2020 with an objective to develop VGP Park München.
Jan Van Geet, CEO of VGP,
underlines the importance of the completion of the project for his
company: "The completion of the new Munich business park represents
another milestone in the history of our company. Apart from the
Grade A location, cutting edge ESG standards applied and the sheer
size of the project, I am particularly proud of our team having
been able to deliver such a complex project in time and well within
budget despite the very difficult market circumstances during and
in the aftermath of the Covid pandemic."
In line with the VGP sustainability strategy,
the park is planned to the latest ESG standards: It accommodates
one of the largest rooftop photovoltaic systems in Europe with a
capacity of 12.5 megawatts. In addition, a biotope has been created
next to the KraussMaffei site as a compensatory area. This will
help to significantly improve the habitat for animals as well as
insects and birds and increase the comfort for employees on the
footpaths through the biotope.
In addition, care was taken in the planning of
the park to integrate natural areas into the project. Thus, in
addition to green roofs and the greening of the façades, the
multi-storey parking garages are also greened. In addition, the VGP
Park Munich has electric charging stations for e-cars,
energy-efficient hall heating with LED lighting and groundwater
heat pumps. These measures contribute to achieving the requirements
of a DGNB Gold certification for VGP Park Munich.
Very near to the city centre, directly adjacent
to S-Bahn station (S2-Grub) and only 30 minutes by car from Munich
Airport, the park is located north of the Parsdorf junction on the
A 94 motorway in a region of economic importance for agriculture,
industry and trade.
CONTACT DETAILS VGP FOR INVESTORS AND MEDIA
ENQUIRIES
Martijn VluttersVP – Business Development & Investor
Relations |
Tel: +32 (0)3 289 1433 |
Karen HuybrechtsHead of Marketing |
Tel: +32 (0)3 289 1432 |
ABOUT VGP
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
- 20221213 VGP Park Munich EN_fin
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