VIB Vermögen and WDP sign joint venture contract and secure first plot of land in North Rhine-Westfalia

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VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, has established its joint venture with the Belgian logistics property company WDP.

After successfully analyzing their market potential, WDP and VIB Vermögen decided to join forces to develop logistics properties in North Rhine-Westfalia, Bremen and Hamburg together. The companies established a fifty-fifty-joint-venture for the purpose, which is now about to start its first project. 

In Gelsenkirchen (Germany) they signed a contract to buy some 80,000 m² of land to develop a logistics facility. The land is situated in an industrial zone and has space for two logistics warehouses of 20,000 m² each. The start of the construction works is subject to pre-letting and will be launched after remediation of the site by the municipality (not before Q4 2020). Initial talks are currently taking place to market the logistics facilities.

Gelsenkirchen is in the heart of North Rhine-Westfalia. With direct connections to several motorways, the Gelsenkirchen region has excellent infrastructure, making it an ideal transport location in the centre of the Ruhr valley. 

Joost Uwents, CEO of WDP: "We are delighted that with our partner VIB Vermögen we can now offer our clients the opportunity to expand their activities towards North Rhine-Westfalia." 

"Identifying such an attractive property right at the outset of our joint venture is a great starting point, making it a wonderful kick-off for our joint expansion into NRW" added Martin Pfandzelter, CEO of VIB Vermögen.