{"id":1004335751,"date":"2019-07-02T04:17:30","date_gmt":"2019-07-02T12:17:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004335751"},"modified":"2019-07-02T04:17:30","modified_gmt":"2019-07-02T12:17:30","slug":"allianz-vgp-form-1-9b-european-logistics-jv","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/allianz-vgp-form-1-9b-european-logistics-jv\/","title":{"rendered":"Allianz, VGP Form $1.9B European Logistics JV"},"content":{"rendered":"
\"Salzburg,<\/a>

Salzburg, Austria. Image via Pixabay<\/em><\/p><\/div>\n

Munich-based Allianz makes a major move to expand its presence in the pan-European industrial market with the formation of a new joint venture. Allianz Real Estate and Antwerp-based logistics properties developer VGP NV have created VGP European Logistics 2, an investment vehicle focusing on core logistics properties. The joint venture will target investments with a gross asset value totaling \u20ac1.7 billion, or approximately $1.9 billion, over the next five years<\/p>\n

European Logistics 2 will set its sights on logistics facilities in Austria, Italy, the Netherlands, Portugal, Romania and Spain, acquiring only premier assets developed by VGP, which has a sizeable portfolio of land in the target markets. The new or recently developed properties will all be 100 percent leased to blue-chip tenants. Allianz is contributing \u20ac350 million, or roughly $395 million, of equity to the 50-50 joint venture. VGP will act as the asset, property and development manager for the joint venture.<\/p>\n

Formation of European Logistics 2 follows the launch of its predecessor, VGP European Logistics, by three years. The first investment vehicle pursues logistics assets in Germany, the Czech Republic, Slovakia and Hungary and currently has a gross asset value totaling approximately \u20ac1.4 billion, or nearly $1.6 billion.<\/p>\n

The European logistics sector continues to thrive, carrying forward the robust momentum seen in 2018. As noted in a report by logistics real estate giant Prologis, on a pan-European basis, net effective logistics rents increased 4.5 percent in 2018, a jump not seen since the emergence of the true pan-European logistics market in 2000. More of the same is on tap for 2019, per the report.<\/p>\n

Global growth<\/h2>\n

Allianz is not just paying a great deal of attention to the pan-European market. The company has been expanding its presence in the U.S., as well, over the last few years. Allianz made a high-profile investment in June 2019, with the $384 million purchase of a 49 percent interest<\/a> in an approximately 1.5 million-square-foot office condominium at the 90-story 30 Hudson Yards office skyscraper, the second-tallest office building in New York. With the closing of the transaction, New York became Allianz Real Estate\u2019s fifth most significant city in the world in terms of total exposure. <\/p>\n","protected":false},"excerpt":{"rendered":"

Through the new investment vehicle, the partners will focus on premier facilities developed by VGP in Austria, Italy, the Netherlands, Portugal, Romania and Spain.<\/p>\n","protected":false},"author":969,"featured_media":1004335757,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21748,16,21742],"tags":[36612],"class_list":["post-1004335751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-industrial","category-international","category-latest","tag-allianz-real-estate"],"acf":[],"yoast_head":"\nAllianz, VGP Form $1.9B European Logistics JV - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/allianz-vgp-form-1-9b-european-logistics-jv\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allianz, VGP Form $1.9B European Logistics JV\" \/>\n<meta property=\"og:description\" content=\"Through the new investment vehicle, the partners will focus on premier facilities developed by VGP in Austria, Italy, the Netherlands, Portugal, Romania and Spain.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/allianz-vgp-form-1-9b-european-logistics-jv\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-02T12:17:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Salzburg-Austria.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-vgp-form-1-9b-european-logistics-jv\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/allianz-vgp-form-1-9b-european-logistics-jv\/\",\"name\":\"Allianz, VGP Form $1.9B European Logistics JV - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-vgp-form-1-9b-european-logistics-jv\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-vgp-form-1-9b-european-logistics-jv\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Salzburg-Austria.jpg\",\"datePublished\":\"2019-07-02T12:17:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-vgp-form-1-9b-european-logistics-jv\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/allianz-vgp-form-1-9b-european-logistics-jv\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-vgp-form-1-9b-european-logistics-jv\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Salzburg-Austria.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Salzburg-Austria.jpg\",\"width\":800,\"height\":620,\"caption\":\"Salzburg, Austria. 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