VGP Second AREIM closing, first time for French Asset
Today, VGP announced the second closing with SAGA (The ‘Sixth Joint Venture'). The transaction comprises 4 logistics buildings in 4 different VGP Parks among which a first French asset (first time). The closing has been agreed at a gross asset value of EUR 120m, with 88m of gross cash proceeds (73%). That is a significantly higher percentage than the initial SAGA closure for 280m gross proceeds for a 437m total value (64%). We also like the geographical spread over different countries. This should highlight that VGP is not only dependent on Germany for its growth. With 3 large JV partners, VGP has the opportunity to get a competitive price for its developments. However, the market sentiment on European logistics has soured after the Trump election and the stock has been decimated. We can't predict the end of this money flow out of cyclical real-estate stocks, but see significant upside for investors that can look beyond this noise.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.