VGP NV: VGP sells its VGP Park Nehatu (Estonia) fo

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Diegem, 3 July 2017 at 7:00 a.m. CET .  

VGP sells its VGP Park Nehatu (Estonia) for € 54 million

VGP has sold its VGP Park Nehatu located in Tallinn (Estonia) for € 54 million to East Capital Baltic Property fund III, a fund managed by East Capital.

The transaction covers a total of 5 modern logistics buildings with a total of more than 77,000 m ² of lettable area.

Jan Van Geet, CEO of VGP, said:

" This deal underlines the quality of what we have realised in the past few years in Estonia and we are particularly pleased that we have been able to conclude this transaction with East Capital. This transaction marks the second transaction with East Capital in Estonia, the first one being the sale in 2012 of newly built logistic properties totalling 40,000 m² located on the south side of Tallinn. The transaction will allow us to further expand our activities in our other more core markets i.e. Germany, Eastern Europe and Spain."

The sale to East Capital is scheduled for completion during the third quarter of 2017, subject to the fulfilment of contract terms and regulatory approval.

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VGP ( www.vgpparks.eu ) constructs and develops high-end logistic real estate and ancillary offices for its own account and for the account of its VGP European Logistics joint venture (50:50 joint venture between Allianz Real Estate and VGP), which are subsequently rented out to reputable clients on long term lease contracts. VGP has an in-house team which manages all activities of the fully integrated business model: from identification and acquisition of land, to the conceptualisation and design of the project, the supervision of the construction works, contracts with potential tenants and the facility management.

VGP is quoted on Euronext Brussels and the Main Market of the Prague Stock Exchange.

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