VGP and Areim Complete First Closing in 50:50 ‘SAGA’ Joint Venture

VGP NV and AREIM Pan-European Logistics Fund (D) AB, 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 1^st closing of a series that will 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 this first closing of the SAGA Joint Venture its property portfolio will consist of around 450,000 sqm of gross lettable area and is 100 percent let.