VGP real estate group and the property investment and asset manager Allianz Real Estate have established a 50:50 JV. The new vehicle, which has a transactional value of €500m, will pool the logistics and industrial projects VGP develops in Germany, the Czech Republic, Slovakia and Hungary. It will exclusively acquire assets developed by VGP in the long-term, allowing the joint venture to recover part of the originally invested capital which can then be reinvest into the project pipeline. VGP will act as a property, asset and development manager in the JV. VGP increased its 2015 net profits to €86.6m, up €37.2m y-o-y. Annual rent income increased 68.2 percent to €38m, with the occupancy level of the property portfolio at 97.3 percent.
