PRESS RELEASE
Regulated Information
Antwerp, Belgium, June 16, 2021 (18:00 CET)
VGP NV (“VGP” or “the Company”) and Allianz Real Estate, acting on behalf of several Allianz Group companies, today announced a successful eighth closing of their 50:50 joint venture VGP European Logistics (“First Joint Venture” ) famous.1. The transaction included four logistics buildings, including two buildings in a new VGP park and two other newly completed logistics buildings developed in parks previously transferred to the joint venture.
The four buildings are located in Germany (three) and in the Czech Republic (one).
The transaction value is over €68.2 million2. The gross issue proceeds from this transaction amount to approximately €51.8 million.
The proceeds will be used to further expand the development pipeline, ie to acquire new development properties and to finance existing projects under construction and new projects that will shortly be commissioned.
Following the completion of this eighth First Joint Venture deal, the First Joint Venture’s real estate portfolio consists of 95 completed buildings with a lettable area of approximately 1,780,000 sqm and an occupancy rate of 99.5%.
As the First Joint Venture achieved its expanded investment target with this eighth closing, this was the last closing with the First Joint Venture to include new parks. Advanced discussions between VGP and Allianz Real Estate regarding the expansion of the first joint venture are progressing well and are expected to be completed in the near future.
For Allianz Real Estate, this transaction adds to its €9.4 billion global logistics AuM, an asset class in which the company has significantly increased its exposure in recent years, with a focus on prime logistics portfolios in prime locations.
For VGP, the increase in the portfolio of joint ventures should continue to have a positive impact on the fee income generated by the asset, property and development management services provided by VGP to the joint ventures.
CONTACT DETAILS FOR INVESTORS AND MEDIA INQUIRIES
| Martin Vutters VGP – Investor Relations |
Tel: +32 (0)3 289 1433 |
| Petra Vanclova VGP – External Communication |
Phone: +42 0 602 262 107 |
| Anette neighbor Brunswick group |
Phone: +49 152 288 10363 |
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements. Such statements reflect management’s current views with respect to future events and involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from future results, performance or achievements contained in such forward-looking statements be expressed or implied. VGP is providing the information in this press release as of this date and undertakes no obligation to update any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise. The information in this announcement does not constitute an offer to sell or a solicitation to buy any securities in VGP or an invitation or inducement to engage in any other investment activity. VGP disclaims any liability for any statements made or published by any third party and assumes no obligation to correct any inaccurate data, information, conclusions or opinions published by any third party in relation to this or any other press release issued by VGP.
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 skills and years of experience across the value chain. The Company has a development land bank (owned or committed) of 8.54 million m² and the strategic focus is on industrial estate development. Established in 1998 as a Belgian family-owned real estate developer in the Czech Republic, VGP employs approximately 300 people and today owns and operates assets in 11 European countries directly and through several 50:50 joint ventures. As of December 2020, VGP’s gross asset value, including 100% joint ventures, was €3.84 billion and the company had a net asset value (EPRA NAV) of €1.35 billion. VGP is listed on Euronext Brussels and Prague Stock Exchange (ISIN: BE0003878957).
For more information, please visit: http://www.vgpparks.eu
1 VGP and Allianz Real Estate own three 50:50 joint ventures (i) the First Joint Venture, ie VGP European Logistics S.à.rl, and (ii) the Second Joint Venture, ie VGP European Logistics 2 S.à.rl , and (iii) the third joint venture, ie VGP Park München GmbH
2 The transaction value consists of the purchase price for the completed revenue-generating buildings and the net book value of the development pipeline transferred as part of a closing but not yet paid for by the First Joint Venture.
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Eighth degree VGP European Logistics JV – EN
