Deka Immobilien has significantly expanded its high-quality logistics portfolio by participating in five logistics parks owned by VGP N.V. in Germany, at a purchase price of approximately EUR 560 million. With this acquisition, Deka Immobilien further strengthens its position as one of the most experienced real estate managers in the logistics segment in Germany.
This transaction represents the largest logistics property acquisition of the year in Europe so far. Deka Immobilien will participate in existing Luxembourgian companies (S.à r.l.) through a 50% share deal. The remaining shares will be held by the Belgian seller and future joint venture partner, VGP N.V., one of the most renowned project developers and property holders specialising in logistics real estate in Europe.
This acquisition and the joint venture we have entered into for the long term underscore our commitment to giving logistics properties an even more important role in our investment strategy going forward.
The Deka-ImmobilienEuropa fund will acquire shares in three property companies for the locations in Berlin/Oberkrämer, Laatzen and Magdeburg, comprising a total of 14 logistics halls and one parking garage. Two halls in Berlin and Magdeburg are currently under construction and are expected to be completed in the fourth quarter of 2023 and the second quarter of 2024, respectively. The WestInvest Interselect fund will take over shares in the Gießen and Göttingen locations, which consist of a total of four logistics halls and one parking garage. One hall section in Gießen is still under construction and is also scheduled to be completed later this year.