The acquisition was carried out by its joint ventures VGP European Logistics and VGP European Logistics 2 and the seller was VGP itself. These were 2 transactions, which combined, comprised of 19 logistic buildings, including 9 buildings on 5 new VGP parks and a further 10 newly completed logistic buildings which were developed in parks which had already been transferred to one of the joint ventures in a prior closing, revealed the companies in a release.
Of the total assets involved in this operation, 6 are located in Germany, 4 in Spain, 3 in the Czech Republic, 2 in the Netherlands, 2 in Italy, 1 in Romania and 1 in Slovakia.
According to what Iberian Property ascertained from VGP, one of the assets acquired in Spain belongs to the VGP San Fernando de Henares logistic park in Madrid, which will offer more than 135.000 sqm of industrial premises suitable for logistics and industrial activities. The other units are part of the VGP Park Llica d´Amunt, located 25 km north of Barcelona with an available area of 12.395 sqm. The value of these assets was not disclosed by the company.
The transaction with VGP European Logistics was the 7th deal closed between VGP and this joint venture and was concluded for 166 million euro with gross proceeds of 127 million euro. The deal with VGP European Logistics 2 was the 2nd deal closed between VGP and this joint venture and represented 258 million euro with gross proceeds of 191 million euro. The two closings combined represent 424 million euro and generated gross proceeds of 318 million.
The proceeds will be applied by VGP 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 start-up shortly.
Following these transactions, the joint ventures property portfolio now consists of 111 completed buildings (of which 91 buildings are held by VGP European Logistics, 18 buildings by VGP European Logistics 2 and two buildings by VGP Park München) representing 2.176.000 sqm of lettable area, with a 99.4% occupancy rate.
For Allianz Real Estate, this transaction adds to its 8.8 billion euro global logistics AuM, an asset class in which the firm has materially increased its exposure over the last few years with a focus on grade A logistics portfolios in prime locations.
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», revealed the document.