VGP Announces Signing of JV Closing and Joint Venture Lifetime Extension by 10Y

Source: www.gulfoilandgas.com 12/21/2022, Location: Europe

VGP, a European provider of high-quality logistics and commercial real estate, announces the signing of the 10th closing for the First Joint Venture.

The transaction will comprise of three new logistic buildings which are located in Germany (one) and in the Czech Republic (two). The transaction value exceeds € 110 million1. The closing of the transaction will be effectuated in the course of January.

VGP and Allianz Real Estate also agreed to extend the term of the First Joint Venture agreement by 10 years to 2036.

When the First Joint Venture was setup in 2016 it shaped the ambition for a long term-partnership which since expanded to three active joint ventures between VGP and Allianz Real Estate. With the extension announcement today the partners reinforce their cooperation.

With regards to the completion of the Munich Joint Venture which was announced on the 14th of December, the Group received the first cash payment of over €70 million earlier this week.


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