Deka Immobilien accounts for c. €560m. The package consists of fully let existing properties built from 2021 onwards and project developments due for completion by 2024 and is spread across five locations in Germany.
The seller of the shares and future joint venture partner with a 50% stake in each of the five property companies is VGP N.V., which specialises in logistics properties. The transaction is still subject to approval by the authorities.
The properties in Berlin, Laatzen and Magdeburg are intended for the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. The properties in Gottingen and Giessen are to be added to the portfolio of the open-ended real estate fund WestInvest InterSelect.
