VGP and Deka Immobilien Announce € 1.1 Billion Logistics Portfolio Joint Venture
July 24 2023 - 1:00AM
VGP and Deka Immobilien Announce € 1.1 Billion Logistics Portfolio
Joint Venture
PRESS RELEASE Regulated Information – Inside
information
Antwerp, Belgium 24 July 2023 (7.00 a.m.
CET)
VGP NV ('VGP') and Deka Immobilien, one of the
largest globally active real estate investment companies in Europe,
today announced the set up of a 50:50 joint venture, which is set
to acquire over time a defined portfolio of 5 Parks with 20
buildings of German semi-industrial and logistics assets developed
by VGP.
The total value of the joint venture is €1.1
billion which will be accomplished through a number of closings and
with a first closing anticipated to materialize in Q3 2023.
Dr. Malte-Maria Münchow, head of
acquisitions and sales (Logistics, Hotel, Retail) of Deka,
said: “We are very pleased with the setup of this
partnership in the German logistics market. This is our first
European real estate joint venture and it reflects our groups’
shared ambition to create a stable and long-term portfolio of prime
semi-industrial and logistics assets. This joint venture, the
largest European logistics transaction of 2023 so far, is expected
to contribute substantially to our European portfolio and fits
within our aim to continue our growth as a real estate manager
using an approach that focuses on quality and contributes to our
sustainable business strategy – in economic, environmental and
social terms.”
Jan Van Geet, CEO of VGP, said:
“With DEKA, one of the leading European real estate investors, we
have found a partner with a shared vision, focusing on creating
sustainable value. Our joint venture marks an important milestone
in our strategy to further diversify our cash recycling model and
it speaks for the quality of our platform that we have been able to
come to this partnership notwithstanding the adverse investment
market conditions. We will share further details with our H1
update, but we are well on track to deliver on our targets for 2023
and beyond.”
The joint venture will form an addition to VGP’s
group of existing joint ventures and will be operated in a similar
way, in which VGP will continue to be the asset-, property-,
and development manager of the assets.
CONTACT DETAILS FOR INVESTORS AND MEDIA
ENQUIRIES
Investor Relations |
Tel: +32 (0)3 289 1433investor.relations@vgpparks.eu |
Karen Huybrechts (Head of Marketing) |
Tel: +32 (0)3 289 1432 |
Forward-looking statements:
This press release may contain forward-looking statements.
Such statements reflect the current views of management regarding
future events, and involve known and unknown risks, uncertainties
and other factors that may cause actual results to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. VGP is
providing the information in this press release as of this date and
does not undertake any obligation to update any forward-looking
statements contained in this press release considering new
information, future events or otherwise. The information in this
announcement does not constitute an offer to sell or an invitation
to buy securities in VGP or an invitation or inducement to engage
in any other investment activities. VGP disclaims any liability for
statements made or published by third parties and does not
undertake any obligation to correct inaccurate data, information,
conclusions or opinions published by third parties in relation to
this or any other press release issued by VGP.
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 with a staff of circa 383 FTE’s today is
active in 17 European countries directly and through several 50:50
joint ventures. As of December 2022, the Gross Asset Value of VGP,
including the joint ventures at 100%, amounted to € 6.44 billion
and the company had a Net Asset Value (EPRA NTA) of € 2.30 billion.
VGP is listed on Euronext Brussels (ISIN: BE0003878957). For more
information please visit:
http://www.vgpparks.eu/en
- VGP Deka 24 Juli 2023 - Press release ENG
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