VIB and WDP evaluating the potential for joint developments of logistics properties in North Rhine–Westphalia, Bremen and Hamburg
VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, and WDP, a developer and portfolio manager of logistics properties in Benelux, have signed an LOI with a view to evaluating joint expansion of their logistics portfolios. The target region for investments comprises North Rhine–Westphalia, Bremen and Hamburg.
Targeted investments in the aforementioned regions represent a sensible expansion in terms of offering the companies’ tenants wider geographic coverage. It is planned to make the investments under the auspices of a joint venture in which each of the two companies will hold a 50 per cent stake. The intention is that the investments will be completed in accordance with the current “develop-or-buy-and-hold” strategy in the logistics/light industry segment. VIB Vermögen, which has been operating on the German property market for more than 25 years and whose portfolio predominantly includes properties in southern Germany, will grow in the north of the country as a result, whereas the geographic presence of the WDP portfolio will extend eastward.
"By expanding our regional focus beyond our existing core region of southern Germany, we are generating potential for further sustainable and profitable growth. This partnership between two successful European real estate companies fosters regional expansion by pooling development expertise and a mutually complementary customer base," explains Martin Pfandzelter, CEO of VIB Vermögen AG.
"We firmly believe that extending our core region through expansion into Germany is the right move in terms of meeting our customers’ needs. And it is supported by our strategy of forging long-term partnerships with new and existing customers," adds Joost Uwents, CEO of WDP.