VGP NV and AREIM Pan-European Logistics Fund AB have announced the signing of an initial transaction between VGP and its 50:50 joint venture SAGA. The target investment is reaching €1.5 billion.
The transaction includes 17 logistics buildings in 10 VGP parks. 17 buildings are located in Germany (6 parks, 8 buildings), the Czech Republic (3 parks, 5 buildings) and Slovakia (1 park, 4 buildings). In the Czech Republic, these are VGP Park Prostějov, VGP Park Kladno and VGP Park Vyškov.
The transaction with the SAGA joint venture will be the first in a series of transactions that will together achieve a pre-agreed investment target of €1.5 billion. The value of the transaction was agreed at €437 million in gross asset value. VGP is expected to receive gross cash proceeds of approximately €280 million through this transaction.
Upon completion of the SAGA joint venture's first transaction, its property portfolio will comprise approximately 450,000 sqm of gross lettable area, of which 100% is leased.
