Brief: VGP Unveils New 1.5 Billion Euros 50:50 Joint Venture

VGP NV

18/12/2023 06:07

Dec 18 (Reuters) - VGP NV  VGP1.BR :
    * VGP UNVEILS NEW € 1.5 BILLION 50:50 JOINT VENTURE
    * ESTABLISHMENT OF A NEW 50:50 JOINT VENTURE NAMED
"SAGA"WITH
AREIM, AN INDEPENDENT FUND MANAGER AND PROPERTY OWNER
HEADQUARTERED IN STOCKHOLM
    * JOINT VENTURE TARGETS EUR 1.5 BILLION OF GROSS ASSET VALUE
WITH
A LOAN-TO-VALUE RATIO OF APPROXIMATELY 35%
    * JV FORESEES A FIVE YEAR INVESTMENT PERIOD AND HAS A TOTAL
TERM
OF TEN YEARS, WITH SEVERAL EXTENSION OPTIONS
    * SAGA JOINT VENTURE WILL FOCUS EXCLUSIVELY ON KEY EUROPEAN
MARKETS, INCLUDING FRANCE, GERMANY, CZECH REPUBLIC, SLOVAKIA,
AND HUNGARY
    * FINANCING OF AREIM'S SHARE IN JOINT VENTURE COMES FROM A
RECENTLY CLOSED FUND, AREIM PAN-EUROPEAN LOGISTIC FUND, WHICH
WAS CLOSED WITH EUR 500 MILLION IN COMMITTED CAPITAL, RAISED
FROM INTERNATIONAL INSTITUTIONAL CAPITAL
    * JOINT VENTURE PARTNERS HAVE EARMARKED A TARGET PORTFOLIO
ALIGNING WITH AGREED TIMING OF ASSET COMPLETIONS AND INVESTMENT
CRITERIA, INCLUDING A SUBSTANTIAL SEED PORTFOLIO SCHEDULED FOR
CLOSURE IN Q1 OF 2024
    * JOINT VENTURE MARKS, FOLLOWING RECENT DEKA ANNOUNCEMENT,
ANOTHER
IMPORTANT MILESTONE IN BROADENING OF VGP'S CASH RECYCLING MODEL,
BRINGING TOTAL EFFECTIVE TRANSACTIONS AND NEW JOINT VENTURE
COMMITMENTS UP TO EUR 3 BILLION GROSS ASSET VALUE THIS YEAR ONLY

Source text for Eikon:  ID:nGNEb5N9St 
Further company coverage:  VGP1.BR 

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