VGP and DEKA Immobilien Complete Third and Final Closing in 50:50 ‘RED’ Joint Venture
PRESS RELEASE
Regulated Information
Antwerp, Belgium, 19 August 2024 (7.00 a.m. CET)
VGP NV ('VGP') and Deka Immobilien, one of Europe’s largest globally active real estate investment companies, today announce the signing of the third and final closing of their 50:50 joint venture, RED (The ‘Fifth Joint Venture’). This transaction includes a logistics building developed in a park that was transferred to the joint venture in the first closing. At the time, this asset was still under construction.
The building is located in VGP Park Magdeburg and is fully leased to Rhenus.
The transaction with RED will be the final closing out of a pre-agreed series of three transactions in which the full portfolio of 20 buildings has been transferred to the Joint Venture. The pricing of the full portfolio was pre-agreed at the time of the initial closing. This third transaction consists of € 103.5 million of gross asset value and with the transaction VGP will generate € 68 million in net cash proceeds.
Following the completion of this final closing of the RED Joint Venture, the RED Joint Venture’s property portfolio is now fully invested and consists of 20 completed buildings representing around 859,000 m² of lettable area with a 100% occupancy rate.
CONTACT DETAILS FOR INVESTORS AND MEDIA ENQUIRIES
| Investor Relations | Tel: +32 (0)3 289 1433 |
| Karen Huybrechts (Head of Marketing) | Tel: +32 (0)3 289 1432 |
ABOUT VGP
VGP is a pan-European owner, manager and developer of high-quality logistics and semi-industrial properties as well as a provider of renewable energy solutions. VGP has a fully integrated business model with extensive expertise and many years of experience along the entire value chain. VGP was founded in 1998 as a family-owned Belgian property developer in the Czech Republic and today operates with around 368 full-time employees in 17 European countries directly and through several 50:50 joint ventures. In December 2023, the gross asset value of VGP, including the 100% joint ventures, amounted to € 7.19 billion and the company had a net asset value (EPRA NTA) of € 2.3 billion. VGP is listed on Euronext Brussels (ISIN: BE0003878957).
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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.
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