VGP and Areim Complete First Closing in 50:50 ‘SAGA’ Joint Venture
PRESS RELEASE
Regulated Information
Antwerp, Belgium 25 April 2024 (7.00 a.m. CET)
VGP NV (‘VGP’) and AREIM Pan-European Logistics Fund (D) AB, today announced the signing of the first seed closing between VGP and their 50:50 joint venture, SAGA (The ‘Sixth Joint Venture’). The transaction comprises 17 logistics buildings in 10 VGP Parks.
The 17 buildings are located in Germany (6 parks, 8 buildings), the Czech Republic (3 parks, 5 buildings) and Slovakia (1 park, 4 buildings).
The transaction with the SAGA Joint Venture will be the 1st closing of a series that will together add up to the pre-agreed investment target of € 1.5 billion. The pricing of the closing has been agreed at a gross asset value of € 437 million. With the transaction VGP is due to generate circa € 280 million of gross cash proceeds.
Following the completion of this first closing of the SAGA Joint Venture its property portfolio will consist of ca. 450,000 m² of gross lettable area and is 100% let.
CONTACT DETAILS FOR INVESTORS AND MEDIA ENQUIRIES
| Investor Relations | Tel: +32 (0)3 289 1433 investor.relations@vgpparks.eu |
| Karen Huybrechts (Head of Marketing) | Tel: +32 (0)3 289 1432 |
ABOUT VGP
VGP is a pan-European owner, manager and developer of high-quality logistics and semi-industrial properties as well as a provider of renewable energy solutions. VGP has a fully integrated business model with extensive expertise and many years of experience along the entire value chain. VGP was founded in 1998 as a family-owned Belgian property developer in the Czech Republic and today operates with around 368 full-time employees in 17 European countries directly and through several 50:50 joint ventures. In December 2023, the gross asset value of VGP, including the 100% joint ventures, amounted to € 7.19 billion and the company had a net asset value (EPRA NTA) of € 2.3 billion. VGP is listed on Euronext Brussels (ISIN: BE0003878957).
For more information, please visit: https://www.vgpparks.eu
Forward-looking statements: This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. VGP is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release considering new information, future events or otherwise. The information in this announcement does not constitute an offer to sell or an invitation to buy securities in VGP or an invitation or inducement to engage in any other investment activities. VGP disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by VGP.
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