VGP - New EUR 1.5bn JV with Areim
VGP announces the signing of a new JV, Saga, with Areim which will cover France, Germany, the Czech Republic, Slovakia and Hungary.Total value of the JV stands at EUR 1.5bn (with 35% LTV), with first closing anticipated in Q1 2024.Positive news from VGP, with the company previously announcing the intention to continue expanding its joint venture platform. The Saga JV covers four out of five markets of the Allianz JV, adding France to the mix. As a result, we understand that the first closing will cover several standing assets which are expected to represent a substantial amount (we anticipate EURVGP 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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