VGP and Areim Agree on Third Closing in 50:50 ‘SAGA’ Joint Venture

Core Insights - VGP NV and AREIM Pan-European Logistics Fund have announced a third closing of their joint venture SAGA, involving 17 logistics buildings and a parkhouse across 13 different VGP Parks, marking geographical expansion into Austria, Spain, Portugal, and Italy [1][2] - The transaction is expected to close in December 2025, pending merger clearance [1] - This closing is part of a series aimed at reaching a pre-agreed investment target of €1.5 billion, with the third closing priced at a gross asset value of €509 million, generating approximately €369 million in gross cash proceeds for VGP [3] Company Overview - Following the completion of the third closing, the SAGA Joint Venture's property portfolio will consist of 39 completed buildings with a total gross lettable area of approximately 988,000 square meters across 8 countries [4] - VGP operates as a pan-European owner, manager, and developer of high-quality logistics and semi-industrial properties, with a fully integrated business model and extensive expertise [5] - As of June 2025, VGP's gross asset value, including 100% joint ventures, was €8.3 billion, and the company reported a net asset value (EPRA NTA) of €2.6 billion [5]