Allianz Real Estate and Antwerp-based industrial developer VGP NV have launched a new logistics investment joint venture.
The jv, VGP European Logistics 2, will invest in logistics assets across Austria, Italy, the Netherlands, Portugal, Romania and Spain.
Allianz and VGP aim to grow the joint venture to a gross asset value of €1.7bn (£1.5bn) within five years by exclusively acquiring prime assets developed by VGP.
Allianz is committing €350m of equity at launch and will manage the jv, while VGP will act as asset, property and development manager.
Olivier Téran, CIO at Allianz Real Estate, said: “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.”
The announcement follows the launch of VGP European Logistics, the partners’ first vehicle, in March 2016 targeting assets in Germany, the Czech Republic, Slovakia and Hungry.
VGP European Logistics has a gross asset value of €1.4bn.
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