VGP NV, a European provider of high-quality logistics and semi-industrial real estate, has formed a new 50-50 joint venture named Saga with Areim, an independent fund manager and property owner headquartered in Stockholm.
This joint venture targets €1.5 billion ($1.6 billon) of gross asset value with a loan-to-value ratio of approximately 35 percent. It foresees a five-year investment period and has a total term of 10 years, with several extension options.
The Saga Joint Venture will focus exclusively on key European markets, including France, Germany, the Czech Republic, Slovakia and Hungary. The financing of Areim’s share in the joint venture comes from a recently closed fund, Areim Pan-European Logistic Fund, which was closed with €500 million ($546 million) in committed capital, raised from international institutional capital.
The joint venture partners have earmarked a target portfolio aligning with agreed timing of asset completions and investment cr
