VGP - New EUR 1.1bn JV with Deka Immobilien
VGP announces the signing of a new JV with Deka Immobilien which will cover a defined portfolio of 5 parks with 20 buildings in Germany. Total value of the JV is EUR 1.1bn which will be reached through a number of closings, with the first one anticipated in Q3 2023.The JV will be operated in a similar way to the existing joint ventures in which VGP will continue to be the asset, property and development manager of the assets. Further details will be disclosed during the H1 update (24 August).We put our TP under review, reiterating our ‘Buy' rating.VGP NV is a Belgium-based real estate development company that constructs and develops industrial real estate and ancillary offices, which are rented out to clients on long term lease contracts. The Company operates in three business segments: the Development activities segment is focused on the identification and acquisition of the land and development of the infrastructure, the design of buildings, the coordination of architectural and engineering aspects, the administration to obtain the necessary permits, the tendering and coordination of the construction works, including site management, and the facility management of the real estate portfolio; the Property Management and Leasing services segment is responsible for managing the operation of the buildings, and the Facilities Management services segment is responsible for managing the operation of the buildings and performs all actions, such as maintenance services, waste management services and maintenance greenery, among others.
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