VGP New JV of 1.5bn broadens the cash recycling outside Germany
VGP announced a new JV partner for a target amount of 1.5bn with Areim, a Scandinavian property investor based in Copenhagen, founded by Leif Andersen. AREIM will invest 500m in equity and take out 250m bank debt for its 50% stake. Areim has launched and closed a specific fund for the JV. The JV will have a leverage of 35% and operate similar to the Deka/Allianz JV's. The news is especially positive as it will be transferring non-GE assets, while Deka and Allianz take German assets. It made sense to look for a JV on other countries as these assets have been increasing in the own portfolio. The focus is still on more value added countries like Hungary, Czechia in CEE and Western-Europe with Germany/France where VGP recently announced some large brownfield projects.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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