Areim’s and VGP’s joint venture announces agreement for its third acquisition in Europe

Areim and VGP have through their 50:50 joint venture signed an agreement for its third acquisition. The transaction consists of 18 assets in 13 different logistics parks across Spain, Italy, Portugal, Germany, Austria, the Czech Republic and Slovakia. The total lettable area amounts to 424,000 square metres and the portfolio is 97% let. The transaction is expected to close in December.

“This third closing marks a major milestone for the SAGA joint venture, nearly doubling the value of its portfolio and reinforcing our strong partnership with VGP. We are proud to expand into four new countries, further strengthening our presence in Europe’s most attractive logistics markets. With robust sector fundamentals, we see compelling opportunities ahead and remain committed to accelerating growth together”, says Jesper Warén, Head of Light Industrial Investments at Areim.

The joint venture, focusing on investments in prime logistics in Europe, targets EUR 1.5 billion in gross asset value and will invest mainly in countries in the west of Europe, but also in the Czech Republic, Slovakia, and Hungary. The portfolio will consist of sustainable logistics assets in strategic locations with VGP acting as asset and property manager.

With this acquisition, the joint venture portfolio will consist of 39 properties with a lettable area of approximately 988,000 square metres spread across eight countries. The first two acquisitions took place in 2024.

Areim’s share of the JV is backed by Areim Pan-European Logistics Fund which the manager raised in December 2023 with committed capital of EUR 500 million.