7/1/2019, 7:35 AM (Source: TeleTrader)
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Allianz and VGP announce €1.7B joint venture

Logistics and semi-industrial real estate company VGP NV and Allianz SE announced on Monday the expansion of their strategic partnership with a new joint venture, an investment vehicle called VGP European Logistics 2 (EL 2).

The two companies said the EL 2 will target "core logistics assets" in Austria, Italy, the Netherlands, Portugal, Romania, and Spain. They will aim to grow the venture to a gross asset value of €1.7 billion within five years. Allianz Real Estate will manage the EL 2 on behalf of the insurance giant, while VGP will serve as the venture's asset, property, and development manager.

"We are delighted to further expand our partnership with Allianz Real Estate. Our group has grown significantly since the inception of the first joint venture in 2016 and the increased investment capacity, as well as enlarged footprint of the combined two joint ventures, fits really well with our expanded pan-European profile," CEO of VGP Jan van Geet said in the press release.

Breaking the News / MD