VGP NV: Allianz and VGP announce new logistics joint venture for
the development of VGP Park Munich
Munich/Antwerp, 2 June 2020, 7:00 am CEST
VGP NV (“VGP”), the Antwerp-based European
provider of high-quality logistics and semi-industrial real estate,
and Allianz have expanded their strategic partnership by entering
an agreement in respect of a new 50:50 joint venture for the
development of VGP Park München.
The managerial and governance setup of the new
partnership is similar to the existing two joint ventures between
the two partners. VGP will serve the new joint venture as its sole
asset, property and development manager. Allianz Real Estate
will manage the joint venture on behalf of Allianz group companies.
Contrary to the two existing joint ventures which concentrate on
the acquisition of income-generating assets developed by VGP, this
new joint venture will initially be focussed on the development of
VGP Park München.
Once fully developed the park will consist of
five logistic buildings, two stand-alone parking houses and one
office building for a total gross lettable area of approx. 270,000
m2. The park is almost entirely pre-let to KraussMaffei
Technologies and BMW.
There are currently already 3 buildings and 2
parking houses under construction, with the completion of the first
building expected to occur in August 2020 and all but one of the
other buildings to be delivered by November 2022. The remaining
building is expected to be delivered by the beginning of 2026.
“We are delighted to further expand our
partnership with Allianz Real Estate, breaking new grounds as we
have found an agreement to develop our iconic VGP Park Munich
together.” said Jan Van Geet, CEO of VGP. “This transaction is a
testament to the quality of our development franchise, including
our high-quality building and construction standards.” Jan Van
Geet, concluded: “Through this new partnership we are able to share
the required capital expenditure, secure disposal proceeds and
continue to invest in the expansion of our portfolio pipeline.”
Kari Pitkin, Head of Business Development for
Europe at Allianz Real Estate, commented: “We are very pleased to
build on our established partnership with VGP with the new
development of VGP Park Munich. Logistics as an asset class remains
a key focus for Allianz Real Estate, having grown our global
exposure in the sector to more than EUR 6.6bn AUM.”
- End -
Allianz enquiries:
Allianz Real Estate Claire Fraser+49 89 3800
8236+49 175 321 5732claire.fraser@allianz.com
Citigate Dewe Rogerson (UK)Oliver Parry / Hugh
Fasken+44 (0) 20 7025 6400oliver.parry@citigatedewerogerson.com
hugh.fasken@citigatedewerogerson.com
VGP enquiries:
Martijn Vlutters
(Investor Relations)Tel: +32 (0)3 289
1433
Karen
Huybrechts(Marketing)Tel: +32
(0)3 289 1432
Petra Vanclova
(External Communications)Tel: +42 (0) 602
262 107
Anette NachbarBrunswick
GroupTel: +49 (0)152 288 10363
About AllianzThe Allianz Group is one of the
world's leading insurers and asset managers with more than 100
million retail and corporate customers in more than 70 countries.
Allianz customers benefit from a broad range of personal and
corporate insurance services, ranging from property, life and
health insurance to assistance services to credit insurance and
global business insurance. Allianz is one of the world’s largest
investors, managing around 740 billion euros on behalf of its
insurance customers. Furthermore, our asset managers PIMCO and
Allianz Global Investors manage more than 1.6 trillion euros of
third-party assets. Thanks to our systematic integration of
ecological and social criteria in our business processes and
investment decisions, we hold the leading position for insurers in
the Dow Jones Sustainability Index. In 2019, over 147,000 employees
achieved total revenues of 142 billion euros and an operating
profit of 11.9 billion euros for the group.
About Allianz Real Estate Allianz Real Estate
is the dedicated real estate investment manager within the Allianz
Group and has grown to become the world’s largest investor in real
estate. The firm develops and executes worldwide tailored portfolio
and investment strategies on behalf of a range of global liability
driven investors, including Allianz companies, creating value for
clients through direct as well as indirect investments and real
estate loans. The operational management of investments and assets
is performed out of 21 offices in key gateway cities across 5
regions (West Europe, North & Central Europe, Switzerland, USA
and Asia Pacific). As at 31 December 2019, Allianz Real Estate held
73.6 billion euros assets under management. For more information,
please visit: http://www.allianz-realestate.com
These assessments are, as always, subject to the disclaimer
provided below.
Cautionary note regarding forward-looking
statementsThis document may include forward-looking
statements, such as prospects or expectations, that are based on
management's current views and assumptions and subject to known and
unknown risks and uncertainties. Actual results, performance
figures, or events may differ significantly from those expressed or
implied in such forward-looking statements. Deviations may arise
due to changes in factors including, but not limited to, the
following: (i) the general economic and competitive situation in
the Allianz Group's core business and core markets, (ii) the
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insured loss events, including those resulting from natural
catastrophes, and the development of loss expenses, (iv) mortality
and morbidity levels and trends, (v) persistency levels, (vi)
particularly in the banking business, the extent of credit
defaults, (vii) interest rate levels, (viii) currency exchange
rates, most notably the EUR/USD exchange rate, (ix) changes in laws
and regulations, including tax regulations, (x) the impact of
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No duty to updateThe Allianz Group assumes no
obligation to update any information or forward-looking statement
contained herein, save for any information we are required to
disclose by law.
OtherThe figures regarding the net assets,
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About VGP VGP is a leading European developer,
manager and owner of high-quality logistics and semi- industrial
real estate. VGP operates a fully integrated business model with
capabilities and longstanding expertise across the value chain. The
company has a development land bank (owned or committed) of 6.67
million m2 and the strategic focus is on the development of
business parks. Founded in 1998 as a family-owned real estate
developer in the Czech Republic, VGP with a staff of circa 220
employees today owns and operates assets in 12 European countries
directly and through VGP European Logistics and VGP European
Logistics 2, both joint ventures with Allianz Real Estate. As of
December 2019, the Gross Asset Value of VGP, including the joint
ventures at 100%, amounted to €2.77 billion and the company had a
Net Asset Value (EPRA NAV) of €741 million. VGP is listed on
Euronext Brussels and on the Prague Stock Exchange (ISIN:
BE0003878957)
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 in light of 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.
For more information, please visit:
http://www.vgpparks.eu
- 20200602 Joint Release Allianz VGP EN
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