Allianz Real Estate and VGP have entered a 鈧�500m joint venture to invest in logistics and industrial assets.
Brussels-listed VGP will develop assets for the partnership.
The joint venture will build a portfolio in Germany, the Czech Republic, Slovakia and Hungary.
VGP said capital, by selling existing income-generating assets to the joint venture, would be freed up and reinvested in the project pipeline.
Jan Van Geet, chief executive at VGP, said: 鈥淲ith the joint venture, we can consistently continue our growth from the last few years.
鈥淎t the same time, our company will retain decision-making power about new developments.鈥�
VGP, which has previously worked with Tristan Capital Partners, will act as property, asset and development manager.
鈥淟ike us, our joint venture partner is also committed to a long-term perspective and wants to grow with us,鈥� Van Geet said.
Allianz it was investing for the first time in Slovakia, spending 鈧�175m on the Central Shopping Centre in Bratislava.
