Allianz Real Estate forms €500m industrial JV
European developer VGP and Allianz Real Estate have created a €500 million 50-50 joint venture to invest in European logistics properties.
In the joint venture, the financial assets of the projects developed by VGP in the Czech Republic, Germany, Hungary and Slovakia will be pooled. The joint venture will only acquire projects developed by VGP exclusively.The logistics and semi-industrial real estate portfolio will be expanded and support VGP’s growth in the long term. VGP will act as the property, asset and development manager, and the tenants will continue to receive all services from VGP.