VGP NV and Allianz Real Estate, acting on behalf of several Allianz Group companies, have announced a successful third closing with its 50:50 joint venture, VGP European Logistics II. The transaction value is €364 million ($400 million).
The transaction comprised 13 logistic buildings, including nine buildings in five new VGP parks and another four newly completed logistic buildings that were developed in parks previously transferred to the joint venture.
The 13 buildings are located in Spain (seven), Italy (four), the Netherlands (one) and Romania (one).
Following the completion of this third closing of the second joint venture, the second joint venture’s property portfolio consist of 32 completed buildings representing around 642,000 square meters (6.9 million square feet) of lettable area, with a 99.8 percent occupancy rate.
