VGP NV: Allianz and VGP Joint Venture Completes €232M Logistics Purchase
28 Novembre 2019 - 6:11PM
VGP NV: Allianz and VGP Joint Venture Completes €232M Logistics
Purchase
PRESS RELEASE
Regulated Information
Antwerp, Belgium / Munich, Germany, 28
November 2019 (6.00 p.m. CET)
VGP NV ('VGP' or 'the Company') and Allianz Real
Estate, acting on behalf of several Allianz Group companies, today
announced a successful sixth closing with its 50:50 joint venture,
VGP European Logistics (‘First Joint Venture’). The transaction
comprised of 13 logistic buildings, including 7 buildings in 3 new
VGP parks and another 6 newly completed logistic buildings which
were developed in parks previously transferred to the Joint
Venture.
The 13 buildings are located in Germany (9) and
in the Czech Republic (4).
The transaction value is in excess of €
232 million1, which includes some future development pipeline. The
gross proceeds from this transaction amounts to circa € 130
million.
The proceeds have been applied towards the
repayment of short term bank debt of € 50.0 million which was
incurred in the run-up to the closing. The remaining proceeds will
be applied towards the further expansion of the development
pipeline i.e. acquisition of new development land and financing of
existing projects under construction and new projects which will be
started-up shortly.
Following the completion of this sixth closing
of the First Joint Venture, the Joint Ventures’2 property
portfolio consist of 91 completed buildings (of which 81 buildings
held by the First Joint Venture) representing 1,761,000 m² of
lettable area (of which 1,584,000 m² related to the First Joint
Venture), with a 99.5% occupancy rate.
Following the closing the own property portfolio
of VGP now consists of 5 completed buildings representing 117,000
m² of lettable area, with an 100% occupancy rate. Besides this, VGP
is currently developing another 34 new buildings of which 12
buildings (193,000 m²) are being developed on behalf of the Joint
Ventures².
For Allianz Real Estate, this transaction adds
to its €6.6 billion global logistics AuM, an asset class in which
the firm has materially increased its exposure over the last few
years with a focus on grade A logistics portfolios in prime
locations.
The increase in the Joint Ventures’ portfolio
should have a further positive impact on the fee income generated
by the asset-, property-, and development management services
rendered by VGP to the Joint Ventures.
CONTACT DETAILS FOR INVESTORS AND MEDIA
ENQUIRIES
Martijn Vlutters VGP – Investor Relations |
Tel: +32 (0)3 289 1433 |
Petra Vanclova VGP – External Communications |
Tel: +42 0 602 262 107 |
Phillip LeeAllianz Real Estate – Marketing &
Communications |
Tel: +49 89 3800 8234 |
Anette NachbarBrunswick Group |
Tel: +49 152 288 10363 |
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 in light
of 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 leading pan-European developer, manager
and owner 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. The
company has a well-advanced development land bank of 7.0 million m²
and the strategic focus is on the development of business parks.
Founded in 1998 as a family-owned real estate developer in the
Czech Republic, VGP with a staff of over 200 employees today owns
and operates assets in 12 European countries directly and through
VGP European Logistics and VGP European Logistics 2, both joint
ventures with Allianz Real Estate. As of June 2019, the Gross Asset
Value of VGP, including the joint venture at 100%, amounted to €2.2
billion and the company had a Net Asset Value (EPRA NAV) of €604
million. VGP is listed on Euronext Brussels and on the Prague Stock
Exchange (ISIN: BE0003878957).
For more information, please
visit: http://www.vgpparks.eu
ABOUT ALLIANZ REAL ESTATE
Allianz Real Estate is the dedicated real estate
investment manager within the Allianz Group and has grown to become
the world’s largest investor in real estate. The firm develops and
executes worldwide tailored portfolio and investment strategies on
behalf of a range of global liability driven investors, including
Allianz companies, creating value for clients through direct as
well as indirect investments and real estate loans. Headquartered
in Munich and Paris, the operational management of investments and
assets is performed out of 19 offices in key gateway cities across
5 regions (West Europe, North & Central Europe, Switzerland,
USA and Asia Pacific). As at 30 June 2019, Allianz Real Estate held
67.1 billion euros assets under management.
For more information, please visit:
http://www.allianz-realestate.com
1 The transaction value is composed of the purchase price for
the completed income generating buildings and the net book value of
the development pipeline which is transferred as part of a closing
but not yet paid for by the First Joint Venture.
2 Joint Ventures means either and each of (i) the First Joint
Venture i.e. VGP European Logistics S.à r.l., the 50:50 joint
venture between VGP and Allianz; and (ii) the Second Joint Venture
i.e. VGP European Logistics 2 S.à r.l., the 50:50 joint
venture between VGP and Allianz. For more information
regarding the joint ventures, please visit:
https://www.vgpparks.eu/en/about/joint-ventures/
- Sixth closing VGP European Logistics JV - EN
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