VGP NV and Allianz Real Estate, acting on behalf of several Allianz Group companies, announced a successful sixth closing with its 50:50 joint venture, VGP European Logistics. The transaction comprises 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 million, which includes some future development pipeline. The gross proceeds from this transaction amount 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
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