VGP and AREIM Announce Milestone in Joint Venture
VGP NV (Brussels: VGP) and AREIM Pan-European Logistics Fund have reached an important milestone with their 50:50 joint venture, known as SAGA. This comes with the third closing of their venture, marking significant progress in developing logistics properties across Europe.
Expansion of the Joint Venture
The recent agreement encompasses 17 logistics buildings and one parkhouse, strategically located within 13 VGP Parks. This includes locations in Austria, Spain, Portugal, and Italy, showcasing the expansion of the joint venture into new territories. The closing is anticipated to occur in December, pending the necessary merger clearances.
Details of the Transaction
The portfolio from this transaction spans 424,000 square meters of lettable space and is distributed across various countries: 2 parks and 2 buildings in Spain, 3 parks and 4 buildings in Italy, 2 parks and 3 buildings in Portugal, and more. Each of these developments is poised to enhance logistics capabilities in their respective regions.
Investment and Future Outlook
This third closing is part of a broader investment strategy, aiming to achieve the target of €1.5 billion. Previous closings have laid the groundwork for this substantial investment, with the latest valuing the assets at €509 million. Following this transaction, VGP is expected to generate approximately €369 million in gross cash proceeds.
Growth of VGP's Portfolio
With the completion of the recent closing, the property portfolio under the SAGA Joint Venture now includes 39 completed buildings, totaling around 988,000 m² of gross lettable area spread across eight different countries. This growth reflects VGP's commitment to expanding its logistics infrastructure, thereby enhancing its position in the market.
About VGP
Established in 1998, VGP has evolved from a family-owned property developer into a leading pan-European owner and developer of logistics and semi-industrial properties. The company’s extensive business model encompasses not just property development, but also renewable energy solutions.
Company Performance and Structure
As of mid-2025, VGP's gross asset value reached €8.3 billion, bolstered by its ventures and properties across numerous European nations. The company reports a strong net asset value, reflecting its stable and growing portfolio. VGP employs around 412 people and operates through various well-structured joint ventures, continually aiming for innovation in real estate.
Investor and Media Contact
For those seeking further information regarding investor relations or media inquiries, please reach out to VGP's dedicated Investor Relations team at Tel: +32 (0)3 289 1433 or via email at investor.relations@vgpparks.eu.
Frequently Asked Questions
What is the significance of the third closing for VGP and AREIM?
The third closing marks an important phase in the ongoing expansion of their joint venture, SAGA, amplifying their presence and investment in logistics across Europe.
Where are the new logistics buildings located?
The new buildings are located in Spain, Italy, Portugal, Germany, Austria, the Czech Republic, and Slovakia, showcasing the geographical reach of the venture.
What is the total value of the assets involved in this transaction?
The upcoming transaction has a gross asset value agreed at €509 million.
How many total properties does VGP manage after this closing?
Post-closing, VGP's property portfolio under the SAGA venture includes a total of 39 completed buildings.
How can investors obtain more information about VGP?
Investors can contact VGP's Investor Relations team via telephone or email for any inquiries related to the company.
