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)
![](/media/5334/allianz.jpg?mode=max&width=1280&height=0&rnd=133523060880000000&ver=1810)
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.
![](/media/5336/deka.jpg?mode=max&width=1280&height=0&rnd=133523060320000000&ver=1810)
Areim
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.
![](/media/5335/areim.jpg?mode=max&width=1280&height=0&rnd=133523060590000000&ver=1810)
(*) 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.