Dentons has advised VGP NV, an international project developer of high-quality logistics and semi-industrial real estate and ancillary offices, on its EUR 284.8 million Rule 144A/Regulation S marketed secondary public offering.
The offering consisted of shares sold by affiliates of a founding shareholder and the chief executive officer, and is one of the largest secondary share sales in Belgium in recent years. VGP is incorporated in Belgium and listed on Euronext Brussels and the Prague Stock Exchange. The offering included a public offering in Belgium, a placement to qualified institutional buyers in the United States in reliance on Rule 144A, and a placement to institutional investors in other jurisdictions. Following the offering, VGP's free float has increased from 10.1% to 37.5%.
VGP constructs and develops high-end logistic real estate and ancillary offices for its own account and for the account of its VGP European Logistics joint venture (with Allianz Real Estate). VGP's business is focused on Spain, Germany, Czech Republic, and other Central European markets.
The Dentons team was led by London-based US Securities Partner Cameron Half, who was supported by Associate Estrellita Ramirez and Trainee Carey Tang. Prague-based Partner Jiri Strzinek provided advice on Czech real estate matters; Berlin-based Partner Dirk-Reiner Voss advised on German real estate matters; and New York-based Partner Jon Hutchens advised on US tax matters. Argo BCVBA acted as Belgian counsel to VGP NV.