VGP EPRA property tour to Berlin Ludwigsfelde
We visited Lidl and Zalando warehouse on the VGP Berlin park Ludwigsfelde (216k sqm). These are standard buildings of 12m high and 7 ton floor. Interestingly, there is a lot of manual labour, with an estimated 80% of labour coming out of Poland. The Polish border is 100km away and workers stay the week nearby in local housing to go back home for the weekend. The Ludwigsfelde site is about 20km out of Berlin on the A10, a big industrial artery (Tesla, etc…). VGP bought the land in 2014 and is still developing land there. See map of the VGP Berlin park below. Most tenants appear e-commerce related with also Decathlon on the site. CFO, Piet Van Geet gave a brief presentation on GE. It is clear GE will return as an important part in the pipeline. The landbank expanded largely on brownfields, eg Russelheim site (770k sqm). Opel is now in the top-10 of tenants, while the whole site will be re-developed. This will take time. The rent and FV of this site is relatively low as it is part land bank and part owned portfolioVGP 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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