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VGP closes €173M sale of logistics portfolio to JV

VGP NV closed the sale of six industrial parks in Germany and the Czech Republic for more than €173 million, yielding net proceeds from the transaction of over €125 million.

The company sold the assets to VGP European Logistics, its 50/50 partnership with Allianz Real Estate. The portfolio comprises seven logistics properties and a further four newly completed logistic buildings that are part of parks previously transferred to the joint venture.

Following completion, the joint venture owns 43 completed buildings totaling 808,904 square meters of lettable area, as at the end of May, while VGP's portfolio includes 11 completed buildings representing 329,224 square meters of lettable area.

In addition, VGP is in the process of developing 22 new buildings across a total lettable area of 432,572 square meters.