Capital/Financing Update • May 31, 2016
Capital/Financing Update
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VGP is pleased to be able to announce that the newly established 50/50 joint venture with Allianz Real Estate ("VGP European Logistics") has completed the acquisition of 15 parks of VGP.
The 15 parks which are located in Germany (8 parks), the Czech Republic (4 parks), Slovakia (1 park) and Hungary (2 parks) comprise 28 logistic and semi-industrial buildings which are 100% occupied and are of high quality having for the majority been built over the last two years.
The initial transaction value is in excess of EUR 500 million, which includes some future development pipeline.
This development pipeline and future development of other new projects in these four countries will continue to be developed at VGP's own risk to be subsequently acquired by the Joint Venture subject to pre-agreed completion and lease parameters.
VGP will continue to assume the operational and asset management of these parks.
The acquisition of the initial seed portfolio marks the start of a long term venture with Allianz Real Estate in Germany, the Czech Republic, Slovakia and Hungary. It is the intention of both partners to grow their venture exponentially in the near future.
Following the completion of the acquisition of the initial seed portfolio by the new joint venture with Allianz Real Estate the board of directors has approved the redemption of all issued hybrid securities ("Security") against a price equal to the issue price (in total € 60 million) plus the interest accrued from the issue date of each Security, after complying with the conflict of interest procedure in accordance with article 523 of the Belgian Companies Code.
Mr. Jan Van Geet Mr Dirk Stoop CEO CFO Tel. + 420 602 404 790 Tel.+32 52 45 43 86 E-mail: [email protected] E-mail: [email protected]
VGP (www.vgpparks.eu) constructs and develops high-end semi-industrial real estate and ancillary offices, which are subsequently rented out to reputable clients on long term lease contracts. VGP has an in-house team which manages all activities of the fully integrated business model: from identification and acquisition of land, to the conceptualisation and design of the project, the supervision of the construction works, contracts with potential tenants and the facility management of its own real estate portfolio.
VGP is quoted on Euronext Brussels and the Main Market of the Prague Stock Exchange.
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