PRESS RELEASE
Regulated Information
The 13 buildings are located in
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
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 – | Tel: +42 0 602 262 107 |
Tel: +49 89 3800 8234 | |
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
For more information, please visit: http://www.vgpparks.eu
ABOUT ALLIANZ REAL ESTATE
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/
Attachment
- Sixth closing VGP European Logistics JV - EN
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