Logistics building in VGP Park Magdeburg.
The third and final closing of the logistics joint venture between Deka Immobilien and VGP N.V. – Project RED – has been successfully completed. With this transaction, the final property of the fully leased portfolio has been transferred to the joint venture, bringing it to its target gross asset value of approximately €1.1 billion.
The portfolio, comprising five logistics parks in Germany with a total of 20 properties and an impressive rentable area of around 859,000 sqm, was completed by a logistics building in VGP Park Magdeburg. This property, fully leased to the international logistics company Rhenus, was still under construction at the time of the first transfer. The gross value of this final transaction is €103.5 million.
In mid-2023, Deka Immobilien expanded its high-quality logistics portfolio by acquiring 50% of the five logistics parks from VGP N.V. as part of Project RED. With this final transaction, the RED Joint Venture's property portfolio is now fully invested.
