Press Information

11. 05. 2018

Jan Van Geet, CEO of the VGP Group, said: “We have had a very good start of 2018 securing € 10.4 million of new and renewed rental income. Demands for lettable space remain strong in all of our markets and a significant number of new lease contracts are about to be signed which will further add to the annualised committed rental income. The development pipeline currently includes 26 new projects under construction which represent € 24.1 million of new rental income when fully developed and let. During the first quarter we opened new offices in Italy and the Benelux and we are currently in final negotiations to acquire our first land plots in these new markets. We also made good progress in the further development of our team and have been able to attract a number of strong and highly qualified profiles to support our next growth phase.”

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23. 02. 2018

  • Record profit for the period of € 96.0 million (+ € 4.7 million compared to 31 December 2016)
  • Proposal for the distribution of a dividend of € 35.3 million (€ 1.90 per share) representing a gross dividend yield of 3.1%[1].
  • Record signed and renewed rental income of € 27.4 million driven by 484,000 m² of new lease agreements signed corresponding to € 24.3 million of new annualised rental income combined with 61,000 m² of lease agreements renewed corresponding to € 3.1 million of annualised rental income. Total net increase of € 21.7 million when considering the sale of Estonia.
  • The signed annualised committed leases represent € 82.8 million equivalent to 1.66 million m² of lettable area, a 35.0% increase since December 2016 (when excluding Estonia).
  • New development land of 729,939 m² acquired and an additional 1,452,336 m² of new land plots under option, subject to receiving permits expected to be acquired during 2018 which adds to a total remaining development land bank as of December 2017 of 3,261,364 m² (34% net increase since December 2016)
  • A total of 17 projects delivered representing 349,871 m² of lettable area, with an additional 22 projects under construction representing 475,113 m² of future lettable area. It is expected that more than 200,000 m² of lettable area will be delivered during the first quarter of 2018.
  • Continued geographical expansion into Western Europe with consolidation of presence in Spain where 4 buildings are under construction (2 new buildings started up after year-end) and where 3 new lease contracts with blue chip tenants were signed during the past few months.
  • VGP European Logistics joint venture saw one closing in 2017 of €173 million, this is expected to be followed by an > € €370 million closing by end of March 2018 which will allow VGP to reinvest in its development pipeline and continue to grow the business.
  • A new long-term remuneration plan aligned with shareholders’ interests, based on the growth of VGP’s NAV, is currently being reviewed by the remuneration committee and will disclosed in further detail in the remuneration report included in the Annual Report 2017. The new plan will be applicable as from 2018 onwards.
  • Conservative financing policy in place with a current gearing of 42.3%, in line with the Company’s target maximum consolidated gearing of 55%.

[1] Based on the closing share price of € 62.20 as at 20 February 2018.

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30. 11. 2017

Diegem (Belgium), November 29, 2017 - The real estate group VGP, which is specialized in the acquisition, construction, leasing and administration of industrial and logistics real estate, announces new exciting projects in Central and Eastern Germany: For the construction of another VGP logistics park the company has acquired a land plot in Dresden-Radeburg, about 5 km north of the airport. About 20,000 square meters of lettable space is to be developed on an area of 3.4 hectares. The property will be used for logistics services. Start of the construction phase is currently announced for spring 2018.

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27. 09. 2017

27 September 2017, Diegem (Belgium) – VGP NV (‘VGP’ or ‘the Group’, Euronext Brussels ISIN BE0003878957) today announced an update on the third quarter of 2017 to present date and business highlights.

Highlights of the trading update and business highlights

  • € 3.3 million of additional new leases signed bringing the annualised committed leases for the year to date to € 77.2 million (+ € 17.1 million compared to 31 December 2016) with several new leases in advanced / final phase(s) of negotiations
  • 328,246 sqm of new land plots acquired adding 159,208 sqm of additional development lettable area potential
  • 660,000 sqm of new land plots secured which brings the total land bank under option to 1,300,000 sqm having a development potential of circa 600,000 sqm of future lettable area
  • Completion of the sale of VGP Park Nehatu (Estonia) which represented 77,000 sqm of lettable area (5 buildings) and € 4.2 million of annualised committed leases). Net proceeds of the sale of circa € 34.5 million to be re-applied towards the further expansion of the development activities in the core markets
  • Development of 6 new projects started up totalling 46,536 sqm of future lettable area increasing the current buildings under construction to 563,198 sqm of future lettable area. These buildings under construction on which 76% pre-leases have already been signed, represent a total estimated annualised rent income of € 26.9 million (assuming full occupancy and current market rental conditions)
  • The completed buildings (of both the own and joint venture portfolios) remain 100% let

Geographic expansion to a new market in preparation

Negotiations are ongoing for the acquisition of four separate locations in a new European market. The exact location of the new market will be announced as soon as the negotiations are finalized and all permits have been obtained, after which it is expected that shortly thereafter the first development will be started up.

Jan Van Geet, CEO of the VGP Group, mentioned: “Over the past months we have recorded strong growing demand from both our existing and potential new customers for first-class logistics real estate across Europe. We’re happy to meet these demands and are ready to expand our commitment towards our customer base beyond our existing markets. Further geographic expansion will maintain the momentum of our development activities seen over the last 18 months. Such geographic expansion is fully in line with VGP’s strategy to enter into a new market every c.2 years. The last market which VGP entered was Spain in 2015.”

Germany continues to perform strongly

During the third quarter to present date VGP acquired 253,511 sqm of new land plots to develop two new parks. In Halle an der Saale (region of Leipzig) a new land plot of 16.6 hectare was acquired on which VGP intends to develop the new VGP Park Halle. This park will allow the development of 3 buildings totaling c.78,000 sqm of future lettable area. VGP was able to immediately secure the first tenant with the lease out of 10,000 sqm under a 10-year lease contract with a tenant which is a world leader in the production of elastomeric insulation for energy saving. The first building will therefore be started up in the next few weeks.

In Wustermark, in the German state of Brandenburg, VGP acquired 8.8 hectare of land and expects to hand over two properties to customers in early 2018. These two buildings, one for 12,000 sqm and the other for 6,000 sqm, have each been leased out under 10-year lease contracts.

First tenant for VGP Park San Fernando in Spain

Following the start-up of the development of the first building in VGP Park San Fernando de Henares (Madrid) in June 2017, the first lease agreement was signed with the elevator company ThyssenKrupp for a lettable area of circa 6,700 sqm under a 7-year lease agreement.

In VGP Park Mango several negotiations are currently under way. In view of the recorded demand for lettable space in this park and the shortage of grade A logistic buildings in the Barcelona region, VGP is planning the construction of a multi-tenant warehouse in November of this year.

Czech Republic robust growth

The Czech Republic continues to perform robustly. VGP is currently developing 155,000 sqm of new lettable area in which more than 77% are pre-let.

In addition, the last remaining land plot (of 75,000 sqm) of VGP Park Olomouc was acquired in the third quarter of 2017 having a development potential of 33,000 sqm of future lettable area. The total park consists of 479,753 sqm of land on which 206,000 sqm of lettable area can be developed. At the moment 2 buildings (totaling 34,486 sqm lettable area) have been completed and fully let. Three further buildings are being constructed of which 2 buildings (totaling 16,786 sqm of future lettable area) are fully pre-let and for the last building (10,476 sqm of future lettable area) negotiations are on-going with potential tenants.

Portfolio summary as of Third Quarter to date
Completed: 1.1 million sqm GLA
Under construction: 0.6 million sqm GLA
Remaining potential : 1.6 million sqm GLA


Press Contact

Petra Vanclová

VGP - industriální stavby s.r.o.


Červený dvůr
Jenišovice 59 CZ-468 33,
Czech Republic

+420 226 212 001