VGP makes CZK 3.3bn deal with Allianz on industrial portfolio

The industrial developer VGP is selling 50 percent of a portfolio of 13 industrial assets in the Czech Republic and Germany to Allianz. The daily E15 reports that the two companies will own the portfolio through a joint venture following completion of the CZK 3.3bn deal. VGP will use some of the proceeds to pay off €50m in short term loans and the rest on land acquisitions and construction of further warehouses. VGP current operates 62 industrial parks in 11 countries.