VGP and DEKA Immobilien Complete Third and Final Closing in 50:50 ‘RED’ Joint Venture
August 19 2024 - 12:00AM
UK Regulatory
VGP and DEKA Immobilien Complete Third and Final Closing in 50:50
‘RED’ Joint Venture
PRESS RELEASE
Regulated Information
Antwerp, Belgium, 19 August 2024 (7.00 a.m.
CET)
VGP NV ('VGP') and Deka Immobilien, one of
Europe’s largest globally active real estate investment companies,
today announce the signing of the third and final closing of their
50:50 joint venture, RED (The ‘Fifth Joint Venture’). This
transaction includes a logistics building developed in a park that
was transferred to the joint venture in the first closing. At the
time, this asset was still under construction.
The building is located in VGP Park Magdeburg
and is fully leased to Rhenus.
The transaction with RED will be the final
closing out of a pre-agreed series of three transactions in which
the full portfolio of 20 buildings has been transferred to the
Joint Venture. The pricing of the full portfolio was pre-agreed at
the time of the initial closing. This third transaction consists of
€ 103.5 million of gross asset value and with the transaction VGP
will generate € 68 million in net cash proceeds.
Following the completion of this final closing
of the RED Joint Venture, the RED Joint Venture’s
property portfolio is now fully invested and consists
of 20 completed buildings representing around 859,000 m² of
lettable area with a 100% occupancy rate.
CONTACT DETAILS FOR INVESTORS AND MEDIA
ENQUIRIES
Investor Relations
|
Tel: +32 (0)3 289 1433
investor.relations@vgpparks.eu |
Karen Huybrechts (Head of Marketing) |
Tel: +32 (0)3 289 1432 |
ABOUT VGP
VGP is a pan-European owner, manager and
developer of high-quality logistics and semi-industrial properties
as well as a provider of renewable energy solutions. VGP has a
fully integrated business model with extensive expertise and many
years of experience along the entire value chain. VGP was founded
in 1998 as a family-owned Belgian property developer in the Czech
Republic and today operates with around 368 full-time employees in
17 European countries directly and through several 50:50 joint
ventures. In December 2023, the gross asset value of VGP, including
the 100% joint ventures, amounted to € 7.19 billion and the company
had a net asset value (EPRA NTA) of € 2.3 billion. VGP is listed on
Euronext Brussels (ISIN: BE0003878957).
For more information, please visit:
https://www.vgpparks.eu
Forward-looking statements:
This press release may contain forward-looking statements.
Such statements reflect the current views of management regarding
future events, and involve known and unknown risks, uncertainties
and other factors that may cause actual results to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. VGP is
providing the information in this press release as of this date and
does not undertake any obligation to update any forward-looking
statements contained in this press release considering new
information, future events or otherwise. The information in this
announcement does not constitute an offer to sell or an invitation
to buy securities in VGP or an invitation or inducement to engage
in any other investment activities. VGP disclaims any liability for
statements made or published by third parties and does not
undertake any obligation to correct inaccurate data, information,
conclusions or opinions published by third parties in relation to
this or any other press release issued by VGP.
- VGP Deka 3nd closing 19 August 2024 - EN
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