Closing for prime logistics parks in Giessen and Berlin

On April 15, 2024, the closing for two premium logistics parks in Giessen and Berlin, as part of a joint venture with VGP N.V. known as Project RED, was successfully completed, transferring the risks and rewards to Deka Immobilien. In mid-2023, Deka Immobilien expanded its high-quality logistics portfolio by acquiring a 50% interest in five logistics parks, which include a total of 20 properties in Germany from VGP N.V.

This significant recent transaction encompasses a logistics building and a multi-storey car park at VGP Park Giessen Am Alten Flughafen, leased to Zalando and designated for WestInvest InterSelect, as well as a building at VGP Park Berlin/Oberkrämer, occupied by Toussaint and BTG International Spedition, designated for Deka Immobilien Europa.

Following this second closing of the RED Joint Venture, the property portfolio now comprises 19 completed buildings with a total lettable area of approximately 785,000 sqm and maintains a 100% occupancy rate. An additional closing for another logistics property currently under construction in Magdeburg is scheduled for August 2024, which will also become part of the Deka Immobilien Europa portfolio. Therefore, the RED Joint Venture remains firmly on track to achieve its target portfolio with a gross asset value of approximately €1.1 billion.