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Sixth closing for VGP-Allianz JV

Nathan North 13 December 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.

CENTRAL EUROPE VGP has transferred 13 logistics buildings into its 50:50 joint venture and Allianz Real Estate – VGP European Logistics.

In this transaction, which is the sixth time the JV has closed, seven of the buildings are in three new VGP parks and six are newly completed buildings in parks previously transferred to the joint venture. All the assets are located in Germany (9) and the Czech Republic (4).

The value of the transaction comes to more than EUR 232 mln, out of which VGP is to receive a gross amount of EUR 130 mln – EUR 50 mln of which is to be used to service EUR 50 mln of debt incurred in the development of the buildings. The remainder is to be invested in VGP’s continuing development pipeline.

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