• VGP and Deka Immobilien Complete Second Closing in 50:50 ‘RED’ Joint Venture

    Source: Nasdaq GlobeNewswire / 16 Apr 2024 01:00:00   America/New_York

    PRESS RELEASE
    Regulated Information

    Antwerp, Belgium, 16 April 2024 (7.00 a.m. CET)

    VGP NV ('VGP') and Deka Immobilien, one of the largest globally active real estate investment companies in Europe, today announced the signing of the second closing between VGP and their 50:50 joint venture, RED (The ‘Fifth Joint Venture’). The transaction comprises two logistics buildings and a multi-storey car park which were developed in parks that have already transferred to the joint venture in the first closing. At the time of the first closing these assets were still under construction.

    The two buildings are located in VGP Park Giessen Am Alten Flughafen and VGP Park Berlin – Oberkrämer and are fully leased to Zalando (Giessen), Toussaint and BTG International Spedition (Oberkrämer).

    The transaction with RED will be the 2nd closing out of a pre-agreed series of three in which the full portfolio of 20 buildings will be transferred to the Joint Venture. The pricing of the full portfolio was pre-agreed at the time of the initial closing. This transaction consists of € 281 million of gross asset value and with the transaction VGP will generate € 203 million in net cash proceeds.

    Following the completion of this second closing of the RED Joint Venture, the RED Joint Venture’s   property portfolio will consist of 19 completed buildings representing around 785,000 m² of lettable area and has a 100% occupancy rate.

    The third and final closing for this Joint Venture is foreseen in the second half of 2024. This closing will contain one building which is currently under construction. Upon this third transaction the RED Joint Venture will be fully invested.


    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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