VIB Vermoegen : Vermögen and WDP sign joint venture contract and secure first plot of land in North Rhine-Westfalia
December 19, 2019 at 01:05 am EST
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DGAP-News: VIB Vermögen AG
/ Key word(s): Joint Venture/Real Estate
VIB Vermögen and WDP sign joint venture contract and secure first plot of land in North Rhine-Westfalia
19.12.2019 / 07:00
The issuer is solely responsible for the content of this announcement.
VIB Vermögen and WDP sign joint venture contract and secure first plot of land in North Rhine-Westfalia
Neuburg/Danube, 19 December 2019 - VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, has established its joint venture with the Belgian logistics property company WDP.
After successfully analyzing their market potential, WDP and VIB Vermögen decided to join forces to develop logistics properties in North Rhine-Westfalia, Bremen and Hamburg together. The companies established a fifty-fifty-joint-venture for the purpose, which is now about to start its first project.
In Gelsenkirchen (Germany) they signed a contract to buy some 80,000 m² of land to develop a logistics facility. The land is situated in an industrial zone and has space for two logistics warehouses of 20,000 m² each. The start of the construction works is subject to pre-letting and will be launched after remediation of the site by the municipality (not before Q4 2020). Initial talks are currently taking place to market the logistics facilities.
Gelsenkirchen is in the heart of North Rhine-Westfalia. With direct connections to several motorways, the Gelsenkirchen region has excellent infrastructure, making it an ideal transport location in the centre of the Ruhr valley.
Joost Uwents, CEO of WDP: "We are delighted that with our partner VIB Vermögen we can now offer our clients the opportunity to expand their activities towards North Rhine-Westfalia."
"Identifying such an attractive property right at the outset of our joint venture is a great starting point, making it a wonderful kick-off for our joint expansion into NRW" added Martin Pfandzelter, CEO of VIB Vermögen.
About VIB Vermögen AG
VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for 25 years. It focuses on properties from the logistics/light industry and retail sectors in the economically strong southern German region. VIB's shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.
VIB's business model is based on a "develop-or-buy-and-hold" strategy. Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.
About WDP
WDP develops and invests in logistics properties (warehouses and offices). Its current property portfolio comprises some 5 million m2. The international portfolio of semi-industrial and logistics properties is spread across more than 200 sites in first-class logistics locations in Belgium, France, the Netherlands, Luxembourg and Romania. Further information about WDP is available from www.wdp.eu.
WDP NV/SA - BE-REIT (publicly regulated property company under Belgian law). Company number 0417.199.869 (Brussels Commercial Register, Netherlands Dept.)
19.12.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
VIB Vermoegen AG is a Germany-based real estate company that develops, buys and holds commercial properties, such as logistics properties, industrial real estate, shopping centers and retail parks, as well as commercial and service centers. The Company focuses on real estate properties in Southern Germany.
VIB VERMÖGEN AG 
