VGP and Areim Agree on Third Closing in 50:50 ‘SAGA’ Joint Venture

VGP and AREIM Pan-European Logistics Fund announced an agreement on the third closing between VGP and their 50:50 joint venture, SAGA (The ‘Sixth Joint Venture’). The transaction comprises 17 logistics buildings and a parkhouse in 13 different VGP Parks, among which are the first parks in Austria, Spain, Portugal and Italy due to the geographical extension of the joint venture. The transaction is expected to close in December, subject to merger clearance.

The 17 buildings and parkhouse, encompassing 424,000 sqm of lettable area,  are located in Spain (2 parks containing 2 buildings), Italy (3 parks containing 4 buildings), Portugal (2 parks containing 3 buildings), Germany (1 park containing 1 building and 1 building in an existing park), Austria (2 parks containing 4 buildings including a parkhouse), the Czech Republic (1 building in an existing park) and Slovakia (an extension of an existing building).

The transaction forms the third closing of a series that will together add up to the pre-agreed investment target of €1.5 billion. The first two closings of the fund took place in 2024. The pricing of the upcoming third closing has been agreed at a gross asset value of €509 million. With the transaction, VGP will generate circa €369 million gross cash proceeds.

Following the completion of this third closing of the SAGA Joint Venture, its property portfolio consists of 39 completed buildings with a combined surface of ca. 988,000 sqm of gross lettable area spread over 8 countries.