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VGP and Allianz launch second European JV

Nathan North 01 July 2019

Nathan North

Deputy editor

+48 22 356 25 22

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

EUROPE Belgian logistics developer and manager VGP and German investor Allianz Real Estate have launched their latest 50:50 joint venture: VGP European Logistics 2 – an investment vehicle targeting assets in Austria, Italy, the Netherlands, Portugal, Romania and Spain.

The latest JV follows the two partners’ first vehicle, VGP European Logistics, which was launched in March 2016 targeted at assets in Germany, the Czech Republic, Slovakia and Hungary. It now has a gross asset value of app. EUR 1.4 bln in ownership or under construction.

VGP European Logistics 2, similar to the first partnership, will be serviced by VGP as the asset, property and development manager, while the vehicle will be managed by Allianz. VGP already possesses an extensive land bank in the countries targeted as well as local offices. All the assets should be new or recently built and fully-leased. Allianz is committing an initial EUR 350 mln in equity to the JV.

“Logistics remains a highly attractive sector, in established markets such as the Netherlands, Spain and Italy but also fast-growth ones such as Romania, and Allianz is focused on selectively building its exposure globally by working with prime partners such as VGP,” commented Olivier Téran, the CIO of Allianz Real Estate.

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