Allianz and VGP JV inks €232m logistics deal

Allianz Real Estate in partnership with pan-European developer VGP, has acquired 13 logistics buildings in Germany and the Czech Republic for €232 million ($257 million). The joint venture is called VGP European Logistics 2 S.à r.l.

The transaction comprises 13 logistic buildings, including seven buildings in three new VGP parks and another six newly completed logistic buildings that were developed in parks previously transferred to the joint venture. The 13 buildings are located in Germany (9) and in the Czech Republic (4).

Following the completion of this sixth closing of the first joint venture, VGP European Logistics S.à r.l., the joint venture’s  property portfolio consist of 91 completed buildings (of which 81 buildings are held by the first joint venture) representing 1.8 million square meters (19 million square feet) of lettable area (of which 1.6 million square meters [17 million square feet] are related to the first joint venture), with a 99.5 percen