Areim and listed VGP, a logistics and semi-industrial real estate developer, have completed their first acquisition through their 50/50 joint venture. The acquisition consists of 17 properties in ten different logistics parks in Germany, the Czech Republic and Slovakia. The total area amounts to 450,000 square meters of lettable area and is fully let.
According to information to Fastighetsvärlden, the price is 437 million euros, corresponding to approximately 5 billion kroner.
– We are pleased to announce our first acquisition in this joint venture. The portfolio consists of modern and sustainable logistics assets with characteristics and locations we believe are just right for now and for the future. We have worked closely with VGP to identify the portfolio and carry out the acquisition and we look forward to the continued collaboration, says Erik Vikbladh, CIO and partner at Areim.
Of the properties now acquired, eight are in Germany, five in the Czech Republic and four in Slovakia,
The joint venture, which focuses on investments in first-class logistics in Europe, has a target of EUR 1.5 billion in gross asset value and will invest mainly in Germany and France, but also in the Czech Republic, Slovakia and Hungary.
The portfolio will consist of sustainably secured logistics assets in strategic locations with VGP as asset and property manager.
– With over 20 years of experience as an operating partner, joint venture partner and fund manager, we have great respect for the local knowledge needed in different markets, and the need for careful underwriting, capital allocation and management of regulatory issues. Together with VGP, we strive to build a future-proof and sustainable logistics portfolio in the hope of providing lasting value. We see this new venture as a fantastic opportunity to continue building our knowledge in different sectors and geographies, while maintaining a humble and modest approach and expanding our platform step by step, says Erik Vikbladh.
Funding for Areim’s stake in the joint venture comes from a recently closed fund, the Areim Pan-European Logistics Fund, which closed with EUR 500 million in committed capital, raised from international institutional capital.
