VGP and DEKA Immobilien Finalize RED Joint Venture Completion
VGP and DEKA Immobilien Finalize RED Joint Venture Completion
PRESS RELEASE
Regulated Information
Antwerp, Belgium — VGP NV ('VGP') and Deka Immobilien, a leading real estate investment firm in Europe, have announced the successful conclusion of the third and final closing of their equal partnership joint venture, known as RED (The ‘Fifth Joint Venture’). This important transaction involves the transfer of a logistics facility located in a park, which was initially introduced to the joint venture during the first closing phase while still under construction.
The logistics building is positioned within VGP Park Magdeburg and has been entirely leased to Rhenus, a well-known logistics service provider.
This final transaction wraps up a series of three pre-arranged transfers, during which a total of 20 buildings have been incorporated into this joint venture. The valuation of the entire portfolio was established during the first closing. The current transaction has a gross asset value of € 103.5 million, which will yield € 68 million in net cash proceeds for VGP.
With this final closing of the RED Joint Venture, the property portfolio is now fully invested, consisting of 20 operational buildings that offer approximately 859,000 m² of lettable space, achieving a remarkable occupancy rate of 100%.
CONTACT DETAILS FOR INVESTORS AND MEDIA INQUIRIES
Investor Relations
Tel: +32 (0)3 289 1433
Email: investor.relations@vgpparks.eu
Karen Huybrechts (Head of Marketing)
Tel: +32 (0)3 289 1432
ABOUT VGP
VGP is a leading owner, manager, and developer of high-quality logistics and semi-industrial properties, as well as renewable energy solutions throughout Europe. The company operates under a comprehensive business model supported by extensive expertise and years of experience across the entire real estate value chain. Founded in 1998 as a family-owned developer in the Czech Republic, VGP now employs approximately 368 people across 17 European countries and several 50:50 joint ventures. As of late 2023, VGP reported a gross asset value of € 7.19 billion and achieved a net asset value (EPRA NTA) of € 2.3 billion. VGP is proudly listed on Euronext Brussels (ISIN: BE0003878957).
For more information, please visit: https://www.vgpparks.eu
Frequently Asked Questions
1. What is the significance of the RED joint venture between VGP and Deka Immobilien?
The RED joint venture signifies a strategic partnership focused on developing high-quality logistics properties in Europe, which enhances the portfolios of both companies.
2. How many buildings are included in the RED joint venture portfolio?
The portfolio includes 20 completed buildings, offering around 859,000 m² of lettable space, all of which are fully occupied.
3. What is the gross asset value of the final transaction?
The gross asset value of the final transaction is € 103.5 million, leading to € 68 million in net cash proceeds for VGP.
4. Where is the logistics building located?
The logistics facility is situated in VGP Park Magdeburg and is fully leased to the logistics service provider Rhenus.
5. When was VGP established, and where does it operate?
VGP was established in 1998 as a family-owned property developer in the Czech Republic and currently operates in 17 European countries.
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