VGP NV: VGP and Allianz Joint Ventures Complete a €424 Million Logistics Portfolio Purchase
16 Novembre 2020 - 6:00PM
VGP NV: VGP and Allianz Joint Ventures Complete a €424 Million
Logistics Portfolio Purchase
PRESS RELEASE
Regulated Information
Antwerp, Belgium / Munich, Germany, 16 November
2020 (6.00 p.m. CET)
VGP NV ('VGP') and Allianz Real Estate, acting
on behalf of several Allianz Group companies, today announced two
successful closings between VGP and two of their 50:50 joint
ventures, VGP European Logistics and VGP European Logistics 2. The
two transactions combined comprised of 19 logistic buildings,
including 9 buildings in 5 new VGP parks and another 10 newly
completed logistic buildings which were developed in parks which
were already transferred to one of the joint ventures in a prior
closing.
The 19 buildings are located in Germany (6),
Spain (4), the Czech Republic (3), Netherlands (2), Italy (2),
Romania (1) and Slovakia (1).
The transaction with VGP European Logistics was
the 7th closing between VGP and this joint venture and amounts to a
value of €166 million with gross proceeds of €127 million.
The closing with VGP European Logistics 2 was the 2nd closing
between VGP and this joint venture and amounts to a value of €258
million1 with gross proceeds of €191 million. The two
closings combined represent a value of € 424 million1 and generated
gross proceeds of €318 million.
The proceeds will be applied by VGP 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 these transactions, the Joint
Ventures’2 property portfolio consist of 111 completed
buildings (of which 91 buildings held by VGP European Logistics, 18
buildings held by VGP European Logistics 2 and two buildings held
by VGP Park München) representing 2,176,000 m² of lettable area,
with a 99.4% occupancy rate.
For Allianz Real Estate, this transaction adds
to its €8.8 billion3 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 |
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 ALLIANZ REAL ESTATE
Allianz Real Estate is a PIMCO Company,
comprising Allianz Real Estate GmbH and Allianz Real Estate of
America and their subsidiaries and affiliates. It is the
dedicated real estate investment manager within the Allianz Group
and has grown to become the world’s largest investor in real
estate. Allianz Real Estate develops and executes worldwide
tailored portfolio and investment strategies on behalf of a range
of global liability driven investors, creating long-term value for
clients through direct as well as indirect investments and real
estate financing.
The operational management of investments and
assets is performed out of 19 offices in key gateway cities across
4 regions (West Europe, North & Central Europe, USA and Asia
Pacific).
For more information, please visit:
http://www.allianz-realestate.com
ABOUT VGP
VGP is a 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 development land bank (owned or committed) of 6.89 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 230 employees today owns
and operates assets in 12 European countries directly and through
three joint ventures (VGP European Logistics, VGP European
Logistics 2 and VGP Park München). As of June 2020, the Gross
Asset Value of VGP, including the joint ventures at 100%, amounted
to €3.23 billion and the company had a Net Asset Value (EPRA NAV)
of €1,079 million. VGP is listed on Euronext Brussels and on the
Prague Stock Exchange (ISIN: BE0003878957).
For more information, please
visit: http://www.vgpparks.eu
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 Joint Venture.
2 Joint Ventures refers to VGP European Logistics, VGP European
Logistics 2 and VGP Park München. All three 50:50 joint venture
between VGP and Allianz Real Estate. For more information
regarding the joint ventures, please visit:
https://www.vgpparks.eu/en/about/joint-ventures/
3 Figure as of 30 June 2020
- JV closings VGP Allianz 16 November 2020 - EN
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