VGP NV and AREIM Pan-European Logistics Fund announce a third closing of their joint venture, SAGA. The transaction includes 17 logistics buildings and a parkhouse in 13 different VGP Parks across Europe. The deal, with a gross asset value of €509 million, is expected to close in December pending merger clearance.

The 17 buildings and parkhouse, totaling 424,000 square meters, are spread across Spain, Italy, Portugal, Germany, Austria, Czech Republic, and Slovakia. This marks the third closing towards the €1.5 billion investment target, generating around €369 million in gross cash proceeds for VGP.

Following the third closing, the SAGA Joint Venture now owns 39 completed buildings across 8 countries, with a total surface area of approximately 988,000 square meters. VGP is a pan-European developer of logistics properties and renewable energy solutions, with a gross asset value of €8.3 billion and operations in 18 countries.

Read more at GlobeNewswire: VGP and Areim Agree on Third Closing in 50:50 ‘SAGA’ Joint