VGP and Allianz buy a logistics portfolio for €364M

VGP and Allianz buy a logistics portfolio for €364M

The 'joint venture' formed by VGP and Allianz Real Estate has purchased a logistics portfolio made up of 13 assets with an investment of 364 million euros.

Seven of the ships acquired by the joint venture are located in Spain, four in Italy, one in the Netherlands and one in Romania. And the new owners calculate that the gross income that this operation will report for the rent paid by the tenants will amount to about 233 million euros.

According to the joint venture, "the proceeds will go to the acquisition of land to develop new logistics centers", as well as to "the financing of existing projects under construction or that will start shortly".

After the closing of this purchase, the real estate portfolio Allianz Real Estate and the developer VGP have more than thirty logistics warehouses, totaling nearly 642,000 sqm of gross leasable area (GLA), with an occupancy rate of 99.8 %.

In this sense, the joint company intends to reach 2,800 million euros in assets in five years, through the purchase of new logistics parks or their development by the Belgian group.

Other Allianz purchases

The real estate company of the German insurance group has also just acquired a mixed portfolio (residential and commercial) on Paseo de la Castellana in Madrid. Composed of 245 homes and 4,000 sqm of commercial areas, the company has paid Testa, owned by Blackstone, 185 million euros for it.

Now, the insurer will integrate these homes into its Elix socimi, which it bought last summer from KKR and Altamar. Also, it is negotiating with Globe Invest the acquisition of another residential portfolio, with 560 homes distributed between Madrid and Barcelona.

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