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 company in Europe, have announced the successful completion of the third and final closing of their equal partnership joint venture known as RED (The ‘Fifth Joint Venture’). This pivotal transaction includes the transfer of a logistics facility located in a park, initially presented to the joint venture during the first closing phase while under construction.
The logistics building is situated within VGP Park Magdeburg and has been fully leased to Rhenus, a prominent logistics service provider.
This final transaction finalizes a series of three pre-arranged transfers where a total of 20 buildings have been integrated into this joint venture. The valuation of the entire portfolio was predetermined during the first closing. The current transaction encompasses a gross asset value of € 103.5 million, which will yield € 68 million in net cash proceeds for VGP.
With the completion of this final closing in the RED Joint Venture, the property portfolio is now fully invested, totaling 20 operational buildings that provide approximately 859,000 m² of lettable space, achieving a full 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 prominent owner, manager, and developer of high-quality logistics and semi-industrial properties, along with renewable energy solutions across Europe. The company boasts a comprehensive business model underpinned by extensive expertise and longstanding experience throughout the entire real estate value chain. Established in 1998 as a family-owned developer in the Czech Republic, VGP now operates with a workforce of approximately 368 employees across 17 European nations 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 represents a strategic collaboration aimed at developing high-quality logistics properties in Europe, further enhancing both companies' portfolios.
2. How many buildings are included in the RED joint venture portfolio?
The portfolio comprises 20 complete buildings that provide around 859,000 m² of lettable area, all with a 100% occupancy rate.
3. What is the gross asset value of the final transaction?
The gross asset value of the final transaction is € 103.5 million, resulting in € 68 million in net cash proceeds for VGP.
4. Where is the logistics building located?
The logistics facility is located in VGP Park Magdeburg and is fully leased to logistics service provider Rhenus.
5. When was VGP established, and where does it operate?
VGP was founded in 1998 as a family-owned property developer in the Czech Republic. It currently operates in 17 European countries.
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