Joint Ventures

VGP has five Joint Ventures today* with three different Joint Venture Partners. All joint ventures are set up as 50:50 partnerships and VGP services all joint ventures as asset, property and development manager, allowing us to maintain control over the active management of the portfolio.

Allianz / Pimco Prime Real Estate

Three Joint Ventures are set up together with Pimco Prime Real Estate (formerly Allianz Real Estate), a leading investor in global real estate with a long-term investment horizon. With this Partner we have set up the following JV’s:

  • The Rheingold Joint Venture (First Joint Venture) which is fully invested and hence will no longer acquire new assets but will continue to manage the existing portfolio until 2036
  • The Aurora Joint Venture (Second Joint Venture) is actively acquiring new parks developed by VGP
  • The Ymir Joint Venture (Third Joint Venture), which was setup for the specific purpose of developing VGP Park Munich (click here for further information)

Deka Immobilien

In 2023 a Fifth Joint Venture was set up with Deka Immobilien, one of the largest globally active real estate investment companies in Europe. The ‘Red’ Joint Venture has a predefined portfolio of 5 German business parks that transfers over the period 2023-2024 in three separate closings.


Saga, the Sixth Joint Venture was set up in 2023 with Areim, an independent fund manager and property owner headquartered in Stockholm. This Joint Venture has earmarked a predefined portfolio and foresees a five-year investment period and a total term of ten years, with several extension options.

(*) This is excluding the development joint ventures. To allow VGP to acquire land plots on prime locations for future development, the Group has entered into two strategic partnerships, i.e. (i) a 50:50 joint venture with VUSA (the VGP Park Belartza Joint Venture), and (ii) a 50:50 joint venture with Revikon (the VGP Park Siegen Joint Venture) (together, the Development Joint Ventures). The Group considers these Development Joint Ventures as an add-on source of land sourcing for land plots which would otherwise not be accessible to the Group.