VGP, Deka Immobilien for €1.1b logistics portfolio JV
Deka Immobilien has secured a 50 percent stake in a logistics portfolio in Germany with a total value of around €1.12 billion ($1.24 million).
Deka Immobilien accounts for around €560 million ($621 million).
The seller of the shares and future joint venture partner with a 50 percent stake in each of the five property companies is the Antwerp-based project developer and portfolio holder VGP N.V., which specializes in logistics properties.
The portfolio consists of fully let existing properties built from 2021 onward and project developments due for completion by 2024, spread across five locations in Germany.
The joint venture is set to acquire over time a defined portfolio of five parks with 20 buildings of German semi-industrial and logistics assets developed by VGP.
The total value of the joint venture is aimed to be accomplished through several closings and with a first closing anticipated to materialize in third quarter 2023.