VGP & Areim JV expands with third closing

VGP and Pan-European logistics fund Areim have finalised a third agreement for their 50:50 joint venture, Saga. 

VGP

This deal includes 17 logistics buildings and one parkhouse across 13 VGP Parks, marking the joint venture's expansion into Austria, Spain, Portugal, and Italy. The transaction, expected to close in December pending merger clearance, involves 424,000 m2 of rentable space.
These properties are located in Spain (2 buildings), Italy (4 buildings), Portugal (3 buildings), Germany (2 buildings), Austria (4 buildings, including a parkhouse), the Czech Republic (1 building), and Slovakia (1 building extension).
This third closing contributes to the €1.5 bn investment target, following two previous closings in 2024. The agreed gross asset value for this closing is €509 mln, which will generate approximately €369 mln in gross cash for VGP.
Once this transaction is complete, the Saga Joint Venture's portfolio will encompass 39 completed buildings, totalling around 988,000 m2 of rentable area across eight countries.
Saga was set up in 2023, and the JV has earmarked a predefined portfolio and foresees a five-year investment period and a total term of ten years, with several extension options.