VGP NV: Announces Closing of Seed Portfolio With New Joint Venture Partner Deka Immobilien
31 August 2023, 6:00pm, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, is pleased to announce that, further to the press releases dated July 24 and August 24, 2023, it has closed the seed portfolio transaction with the new joint venture with Deka Immobilien (the ‘Fifth Joint Venture’).
The transaction has been approved by the antitrust regulatory bodies.
The acquisition price for the seed portfolio corresponds to a gross asset value of over €700 million, resulting in a cash recycling for VGP of over €450 million.
A further two closings with the Fifth Joint Venture are set for 1Q24 and 3Q24, resulting in a total gross asset value of over €1.1 billion to be transferred and cash recycling for VGP of over €700 million for the three transactions combined.
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Forward-looking statements: This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. VGP is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release considering new information, future events or otherwise. The information in this announcement does not constitute an offer to sell or an invitation to buy securities in VGP or an invitation or inducement to engage in any other investment activities. VGP disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by VGP.
VGP is a pan-European owner, manager and developer of high-quality logistics and semi-industrial real estate. VGP operates a fully integrated business model with capabilities and longstanding expertise across the value chain. Founded in 1998 as a Belgian family-owned real estate developer in the Czech Republic, VGP with a staff of circa 371 FTEs today operates in 17 European countries directly and through several 50:50 joint ventures. As of June 2023, the Gross Asset Value of VGP, including the joint ventures at 100%, amounted to € 6.76 billion and the company had a Net Asset Value (EPRA NTA) of € 2.2 billion. VGP is listed on Euronext Brussels (ISIN: BE0003878957).
For more information please visit: https://www.vgpparks.eu/en/
- VGP Deka 31 Aug 2023 – Press release ENG
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