VGP NV and PIMCO Prime Real Estate, acting on behalf of several Allianz Group companies, announced the signing for the fourth closing between VGP and their 50:50 joint venture, VGP European Logistics 2 (The 'Second Joint Venture' also called 'Aurora'). The transaction comprises 11 logistic buildings, including 5 buildings in 4 new VGP parks and another 6 newly completed logistic buildings which were developed in parks which were already transferred to the joint venture in a prior closing. The 11 buildings are located in Spain (7), the Netherlands (3) and Italy (1).

The transaction with VGP European Logistics 2 will be the 4th closing between VGP and this joint venture and amounts to a value of EUR 253 million with gross proceeds of EUR 197 million. Following the completion of this fourth closing of the Second Joint Venture, the Second Joint Venture's property portfolio will consist of 43 completed buildings representing around 925,000 m2 of lettable area, with a 99.7% occupancy rate. The increase in the Joint Ventures' portfolio should have a further positive impact on the fee income generated by the asset-, property-, and development management services rendered by VGP to the Joint Ventures.