VGP and Allianz Real Estate partnership
The partnership with Allianz Real Estate consists today of four joint ventures, all 50:50 partnerships.
Two of these joint ventures are actively acquiring new parks developed by VGP (click here for further information), one joint venture was setup for the specific purpose of developing VGP Park Munich (click here for further information) and one is fully invested and hence will no longer acquire new assets but will continue to manage the existing portfolio.
Partnership chronology
The First Joint Venture, VGP European Logistics S.à r.l., which was setup on 31 May 2016, focusing on the acquisition of prime logistic assets in Germany, Czech Republic, Slovakia and Hungary reached its revised investment target of €2 billion asset portfolio in 2022 and will no longer acquire new parks. “The Fourth Joint Venture” VGP European Logistics 3 S.à r.l. has been announced in December 2021 as the successor in order to continue to be able to acquire new assets in the same markets. The Fourth Joint Venture has an investment target of €2.8 billion.
The Second Joint Venture, VGP European Logistics 2 S.à r.l., was setup on 1 July 2019 focusing on the acquisition of prime logistic assets in Austria, Italy, the Netherlands, Portugal, Romania and Spain. The Second Joint Venture has an investment target of €1.7 billion
The Third Joint Venture was setup on 2 June 2020 for the development of a specific park, VGP Park Munich.
‘right of first refusal’
In case VGP decides to sell an asset developed by the Group in one of the markets covered by the partnership, the asset is first offered to the partnership on the basis of a ‘right of first refusal’. Such transaction ‘closings’ are conducted at market terms. The two ventures which are currently setup to acquire assets have their own specific geographical coverage and combined they cover all the markets in which VGP is active with the exception of Latvia, Greece and France.
- VGP European Logistics 3 S.à r.l. successor of VGP European Logistics S.à r.l. (which is fully invested) focusing on the acquisition of prime logistic assets in Germany, Czech Republic, Slovakia and Hungary
- VGP European Logistics 2 S.à r.l. focusing on the acquisition of prime logistic assets in Austria, Italy, the Netherlands, Portugal, Romania and Spain.
Logistics remains a highly attractive sector, in established markets such as the Netherlands, Spain and Italy but also fast-growth ones such as Romania, and Allianz is focused on selectively building its exposure globally by working with prime partners such as VGP. We are delighted to be once again working with VGP, an established leader in the European logistics sector and a firm with a proven track record of success and deep understanding of the dynamics shaping the market.
–Olivier Téran, CIO of Allianz Real Estate, 1 July 2019
VGP Park München
On 2 June 2020, VGP and Allianz expanded their strategic partnership further by entering an agreement in respect of a third 50:50 joint venture for the development of a specific park, VGP Park Munich. The managerial and governance setup of the VGP Park München JV is similar to the other two joint ventures between the two partners. However, whilst the other two joint ventures concentrate on the acquisition of income-generating assets developed by VGP, the third joint venture is initially focused on the development of VGP Park München.
VGP services the three joint ventures as its asset, property and development manager.

We are very pleased to build on our established partnership with VGP with the new development of VGP Park Munich. Logistics as an asset class remains a key focus for Allianz Real Estate, having grown our global exposure in the sector to more than EUR 6.6bn AUM.
-Kari Pitkin, Head of Business Development for Europe at Allianz Real Estate, 2 June 2020
We are delighted to be expanding our partnership with Allianz Real Estate as this new joint venture will give VGP greater optionality to refinance whilst continuing to expand the Group’s asset base and development pipeline. Having a partner who shares our commitment to sustainable and responsible building and investment practices, we are very pleased we have been able to agree to an ESG framework for this new joint venture which appreciates and is aligned with our long-term commitments. With a portfolio of prime and certified warehouses under construction and an enviable land bank, the new joint venture benefits from our significant Grade A pipeline in these four markets.
–Jan van Geet, CEO of VGP, 4 January 2022

Structure of VGP joint ventures
- All joint ventures are 50:50 partnerships between VGP and Allianz Real Estate
- VGP serves both portfolios as asset, property and development manager
- VGP European Logistics, VGP European Logistics 2 and VGP European Logistics 3:
- VGP European Logistics has reached its full investment capacity
- VGP European Logistics 2 has an investment target of €1.7 billion gross asset value
- VGP European Logistics 3 has an investment target of €2.8 billion gross asset value
- Right of First Refusal to acquire assets from VGP in designated countries
- VGP European Logistics 3 S.à r.l: Germany, Czech Republic, Slovakia and Hungary
- VGP European Logistics 2 S.à r.l.: Austria, Italy, the Netherlands, Portugal, Romania and Spain
- Act as long-term capital buyer at market value
- VGP Park München JV:
- First Joint Venture with Allianz to initially focus on the development phase
- Sale of the park at agreed market yield
- All construction costs are financed jointly
