Investor news


VGP ANNOUNCES PROPOSED CHANGES TO BOARD OF DIRECTORS

09 Apr 2019

  • Marek Šebesťák, Alexander Saverys and Jos Thys to retire after 12 years of exemplary service
  • Ann Gaeremynck, Katherina Reiche and Vera Gäde-Butzlaff to be proposed as replacements at Annual Shareholders Meeting on 10 May 2019 

VGP NV (‘VGP’ or ‘the Group’) distributed today the Convocation for the upcoming Annual Shareholders’ Meeting and announced that the Board of Directors have nominated Mrs. Ann Gaeremynck, Mrs. Katherina Reiche and Mrs. Vera Gäde-Butzlaff for appointment as new independent board members. The Annual Meeting will be held on 10 May 2019.

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VGP SUCCESSFULLY COMPLETES FIFTH CLOSING WITH VGP EUROPEAN LOGISTICS JOINT VENTURE

01 Apr 2019

VGP NV ('VGP' or 'the Company') announced that today it has successfully completed a fifth closing with VGP European Logistics, its 50/50 joint venture with Allianz Real Estate.  The transaction comprised of 9 logistic buildings, including 3 buildings each in a new VGP park and another 6 newly completed logistic buildings which were developed in parks previously transferred to the Joint Venture.

The 9 buildings are located in Germany (5) and in the Czech Republic (4).

The transaction value is € 203 million, which includes some future development pipeline. The net proceeds from this transaction (including disposed cash) amounts to circa € 130 million.

The net proceeds will be used for financing of existing projects under construction and new projects which will be started-up shortly and for the acquisition of new development land.

Following the completion of this fifth closing the Joint Venture's property portfolio consist of 77 completed buildings representing over 1.5 million m² of lettable area, and a gross asset value ("GAV") of € 1.56 billion.

The Joint Venture has € 950 million of committed bank facilities maturing in May 2026 which are drawn for €694 million. The bank debt is fully hedged and the weighted average cost of debt amounts to 2.01% per annum. The Loan to Value of the Joint Venture stands at 51.1% after the fifth closing.

The increase in the Joint Venture portfolio should have a further positive impact on the fee income generated by the asset-, property-, and development management services rendered by VGP to the VGP European Logistics joint venture.


Annual Financial Press Release For the period from 1 January 2018 – 31 December 2018

01 Mar 2019

Transformation into truly Pan-European platform results in record profit and creates solid base for future growth

VGP NV (‘VGP’ or ‘the Group’), a leading European provider of high-quality logistics and semi-industrial real estate, today announces the results for year ended 31 December 2018:

  • Broadened European footprint, having entered Italy, the Netherlands and Austria in 2018
  • Strong operating performance resulting in record profit of € 121.1 million (+26% YoY)
     - Signed and renewed lease agreements corresponding to € 38.7 million of annualised rent income bringing the total annualised rental income to € 104.1 million (+38% YoY)[1]
     - VGP delivered 505.000 m2 of lettable area in 2018 (+44% YoY)
  • Strengthened platform for future growth
     - VGP invested in its future pipeline with 1.7 million m2 of new land bought
     - A further 1.6 million m2 committed subject to permits
     - Joint commitment with Allianz Real Estate to expand JV structure beyond existing countries[2]
  • Proposal to increase dividend by 15.8% to € 2.20 per share representing a gross dividend yield of 3.2%[3]

VGP’s Chief Executive Officer, Jan van Geet, said: “Delivering record profits, 2018 was another intensive year for VGP. We managed to successfully transform VGP towards a truly Pan-European platform as we expanded into new key markets. We put significant effort in introducing a new matrix organisation to stay close to our clients across Europe and to allow for VGP’s further geographic expansion. The significant increase of our land bank in 2018 laid the foundation for growth over the coming years.”

Jan Van Geet added: “We successfully continued our growth path in early 2019 with the expansion into Portugal and several landmark projects in Germany. We expect our development activities to continue to grow in 2019 supported by solid client demand driven by e-commerce and changing business needs. Through our integrated business model, VGP is uniquely positioned to capture the growth opportunities across Europe.”

[1] Year-over-year inclusive of Joint Venture at 100% and when excluding the sale of Mango. The Mango building located in Barcelona (Spain) sold during 2018, represented € 7.6 million in annualised rent income. [2] Of the twelve countries in which the group is active, the JV currently covers Germany, Slovakia, Czech Republic and Hungary   [3] Based on the closing share price of € 69.60 as at 28 February 2019

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VGP Announces Conference Call to Review Full Year 2018 Results

28 Feb 2019

VGP NV (‘VGP’ or ‘the Group’), a leading European provider of high-quality logistics and semi-industrial real estate, announces the details for the conference call to review 2018 results:

Friday, 1 March 2019 at 10.30 a.m. (CET)
Dial-in details:
Belgium: 0800 58228 (toll free) / +32 (0)2 404 0659
UK: 0800 358 6377 (toll free) / +44 (0)330 336 9105
US: 800-239-9838 (toll free) / +1 323-794-2551
Confirmation Code: 9976957

Please join the event conference 5-10 minutes prior to the start time. The financial results are scheduled to be released at approximately 7:00 a.m. (CET) on the date noted above, and presentation slides will be made available on www.vgpparks.eu under Investors, Reports & Presentations.

 

   Location      Purpose      Phone Type      Phone Number  
Austria Participant Tollfree/Freephone 0800 005 408
Austria, Vienna Participant Local +43 (0)1 9289 266
Bahrain Participant Tollfree/Freephone 8000 4741
Bahrain, Manama Participant Local +973 1619 9290
Belgium Participant Tollfree/Freephone 0800 58228
Belgium, Brussels Participant Local +32 (0)2 404 0659
Bulgaria Participant Tollfree/Freephone 0800 15021
Bulgaria, Sofia Participant Local +359 (0)2 935 8217
Canada, Toronto Participant Local +1 647 794 4605
Croatia Participant Tollfree/Freephone 0800 806 481
Cyprus Participant Tollfree/Freephone 800 96989
Czech Republic Participant Tollfree/Freephone 800 143 356
Czech Republic, Prague Participant Local +420 225 439 753
Denmark Participant Tollfree/Freephone 80 70 16 25
Denmark, Copenhagen Participant Local +45 35 15 80 49
Egypt Participant Tollfree/Freephone 0800 000 9067
Estonia Participant Tollfree/Freephone 800 011 1853
Estonia, Tallinn Participant Local +372 674 3050
Finland Participant Tollfree/Freephone 0800 772 208
Finland, Helsinki Participant Local +358 (0)9 7479 0361
France Participant Tollfree/Freephone 0805 101 219
France, Paris Participant Local +33 (0)1 76 77 22 74
Germany Participant Tollfree/Freephone 0800 589 4609
Germany, Frankfurt Participant Local +49 (0)69 2222 13420
Germany, Munich Participant Local +49 (0)89 20303 5709
Greece Participant Tollfree/Freephone 00800 128 518
Greece, Athens Participant Local +30 211 181 3807
Hungary Participant Tollfree/Freephone 068 001 9218
Hungary, Budapest Participant Local +36 1429 2226
Iceland Participant Tollfree/Freephone 800 9369
Ireland Participant Tollfree/Freephone 1800 832 679
Ireland, Dublin Participant Local +353 (0)1 246 5638
Israel Participant Tollfree/Freephone 1809 212 883
Israel, Tel Aviv Participant Local +972 3376 1315
Italy Participant Tollfree/Freephone 800 977 396
Italy, Milan Participant Local +39 02 3600 8019
Italy, Rome Participant Local +39 06 8750 0723
Jordan Participant Tollfree/Freephone 80022523
Latvia Participant Tollfree/Freephone 8000 4161
Latvia, Riga Participant Local +371 6785 4527
Lithuania Participant Tollfree/Freephone 8800 30775
Lithuania, Vilnius Participant Local +370 5205 4830
Luxembourg Participant Tollfree/Freephone 800 24405
Luxembourg, Luxembourg Participant Local +352 2786 1336
Mexico Participant Tollfree/Freephone 01 800 062 2963
Mexico, Mexico City Participant Local +52 55 4164 4815
Netherlands Participant Tollfree/Freephone 0800 023 1436
Netherlands, Amsterdam Participant Local +31 (0) 20 721 9251
Nigeria, Lagos Participant Local +234 1 277 2430
Norway Participant Tollfree/Freephone 800 51084
Norway, Oslo Participant Local +47 2100 2610
Oman Participant Tollfree/Freephone 800 77207
Poland Participant Tollfree/Freephone 00 800 121 4059
Poland, Warsaw Participant Local +48 (0)22 206 9996
Portugal Participant Tollfree/Freephone 800 812 274
Portugal, Lisbon Participant Local +351 213 180 030
Qatar Participant Tollfree/Freephone 00 800 100 443
Romania Participant Tollfree/Freephone 0800 885 828
Romania, Bucharest Participant Local +40 (0)21 529 3974
Russian Federation Participant Tollfree/Freephone 8 800 500 9283
Russian Federation, Moscow Participant Local +7 495 213 1767
Saudi Arabia Participant Tollfree/Freephone 800 844 8805
Slovakia Participant Tollfree/Freephone 0800 002 286
Slovakia, Bratislava Participant Local +421 (0) 2 5011 2130
Slovenia Participant Tollfree/Freephone 0800 80413
Slovenia, Ljubljana Participant Local +386 1 888 8508
South Africa Participant Tollfree/Freephone 0800 998 654
South Africa, Johannesburg Participant Local +27 11 844 6054
Spain Participant Tollfree/Freephone 800 600 848
Spain, Madrid Participant Local +34 91 114 7293
Sweden Participant Tollfree/Freephone 0200 880 389
Sweden, Stockholm Participant Local +46 (0)8 5033 6574
Switzerland Participant Tollfree/Freephone 0800 200 831
Switzerland, Geneva Participant Local +41 (0)22 567 5729
Switzerland, Zurich Participant Local +41 (0)44 580 7206
Turkey Participant Tollfree/Freephone 00800 4488 29054
Turkey, Istanbul Participant Local +90 212 375 57 58
Ukraine Participant Tollfree/Freephone 0800 503 441
United Arab Emirates Participant Tollfree/Freephone 8000 3570 2653
United Kingdom Participant Tollfree/Freephone 0800 358 6377
United Kingdom, Local Participant Local +44 (0)330 336 9105
United States, Los Angeles Participant Local +1 323-794-2551
United States/Canada Participant Tollfree/Freephone 800-239-9838

VGP acquires a warehouse and industrial land plots in Graz, Austria

29 Nov 2018

VGP NV (‘VGP’ or ‘the Group’) today announces the successful acquisition of a warehouse let to a reputable automotive supplier in Graz, Austria. The new warehouse has a size of circa 17,000 SQM of gross lettable area and is leased under a long term contract. The transaction also consists of around 9 hectares of additional development land.

Jan van Geet, CEO of VGP, commented: “We are very pleased with this transaction as this building, with the adjacent development land, gives us a good starting footprint in the Austrian market, which
we will cover out of our offices in Germany for now.”

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Trading update 3Q 2018

23 Nov 2018

VGP NV (‘VGP’ or ‘the Group’) today publishes a trading update for the period 1 July 2018 until 31 October 2018.

Jan van Geet, CEO of VGP, said: “We continue to see very supportive trends in all our European markets. During the quarter we sold the Mango building in Spain taking advantage of this strong market backdrop whilst improving our Group’s risk profile. The gross proceeds are being reinvested in land acquisitions and the realisation of our development pipeline.

We also managed to successfully close a bond offering and thereby extend our debt maturity profile significantly. I am very pleased with the strength of our balance sheet and our ability to invest in the future of our company.”

Jan van Geet continued: “For Amazon we delivered a second logistics centre, a facility with ultimately up to 80,000 sqm warehouse space at our extended park in Göttingen, Germany and BMW signed-up for our Munich site at Parsdorf for the development of a new warehouse for their Forschungs- und Innovationszentrum (FIZ), a main engineering and development campus, subject to achieving the necessary permits.”

Our land bank remains one of our strongest assets and we are pleased that we have been able to increase the size by securing additional strategically located sites across Europe including in Spain, Italy, Romania, Germany, Czech Republic and Slovakia.”

Jan van Geet concluded: “Our new matrix organization has been successfully rolled-out, each country is managed by a dedicated country team supported by extended Group functions including CIO office, Group Control, Investor Relations and Marketing. This streamlined organizational structure gives us the platform to deliver on our goals.

And we are excited to be expanding again, as we are soon opening an office in Portugal. This will bring the number of European countries in which we are active to twelve. We have seen a number of interesting opportunities in Portugal and we are in discussions about first plots in the Lisbon and Porto regions.”

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CONVOCATION OF A SPECIAL SHAREHOLDERS’ MEETING 2018

19 Oct 2018

The shareholders are hereby invited to attend the special shareholders’ meeting of the Company which shall take place at the offices of Argo bcvba, at City Link, fifth floor, Posthofbrug 12, 2600 Antwerp (Berchem), on Thursday 22 November 2018 at 10:00 am, with following agenda and proposed resolution:

AGENDA AND PROPOSED RESOLUTION

  1. Approval of condition 6.2 of the terms and conditions of the bonds issued by the Company on 19 September 2018 and the rights of the bondholders, as set out in part IV of the prospectus dated
    4 September 2018, for the public offer of the bonds, and in particular the approval of the change of control clause included therein, in accordance with article 556 of the Belgian Companies Code.

Proposed resolution: Condition 6.2 of the terms and conditions of the bonds issued by the Company on 19 September 2018 and the rights of the bondholders, as set out in Part IV of the prospectus dated 4 September 2018, for the public offer of the bonds, pertaining to the possibility for the bondholders to require the Company to redeem the bonds in case of a change of control, is approved, in accordance with article 556 of the Belgian Companies Code. In accordance with the requirements of article 556, second indent, of the Belgian Companies Code, this resolution shall be filed in accordance with article 75, 3° of the Belgian Companies Code and shall be published as an announcement in the Belgian State Gazette by including an extract of the minutes of this special shareholders’ meeting.

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Sale of the Mango Global Distribution Centre at Lliçà d’Amunt, Barcelona (Spain)

26 Sep 2018

VGP NV (‘VGP’ or ‘the Group’) today announced the completion of the sale of the Mango Global Distribution Centre located in its VGP Park Mango at Lliçà d’Amunt, Barcelona (Spain).

The gross proceeds of the sale amount to € 150 million and will allow VGP to realise a significant capital gain on the building compared to the acquisition price. The net proceeds will be reinvested in the further expansion of VGP’s development pipeline.

The Mango building was acquired during 2016 together with a large portion (150,000 m²) of development land. The current transaction only relates to the building. VGP will keep the large portion of development land in its own portfolio and develop it for its own account. The transaction will also result in the optimisation of the Group’s risk profile.

The Mango building is probably one of the most beautiful logistics building in Spain, built to a high specification for Mango, up to 40 meters high with a high degree of automation for the garment industry.

VGP continues to be focused on its main activity: development, leasing and management of its standardised logistic real estate i.e. buildings that are suitable for a wide range of logistical (e-commerce) purposes as well as light industrial activities, in top locations.

Jan Van Geet, CEO of VGP, comments: “The acquisition of the Mango building in 2016 was a real milestone in our introduction to the Spanish market - that is why we thought about this transaction for a long time and finally came to the conclusion that the sale of the Mango building under these conditions are in the interest of the shareholders of VGP. The proceeds from the sale will be reinvested in the further expansion of our development pipeline.”


VGP NV raises € 190 million with bond issue

12 Sep 2018

VGP announces that the public offer in Belgium for a retail bond has been closed and that an amount of € 190 million was raised. The net proceeds of the issuance of the bonds will amount to approximately € 188.4 million.

The bonds (with ISIN code BE0002611896) will be issued on 19 September 2018 and will be admitted to trading on the regulated market of Euronext Brussels.

More information on this public offer is set forth in the prospectus published by VGP NV on 5 September2018 and as approved by the Financial Services and Markets Authority (“FSMA”) on 4 September 2018 and available on the VGP NV website (http://www.vgpparks.eu/investors/en/bonds) and in each branch of KBC Bank or CBC Banque, Bolero (www.bolero.be/nl/vgp), via the Regional Advice Centres and on the website (www.kbc.be/vgp).


Public offering in Belgium of bonds for an expected amount of minimum € 175 million and maximum of € 225 million

05 Sep 2018

These Bonds constitute debt instruments. An investment in the Bonds involves risks. Before making any investment decision the investors must read the Prospectus in its entirety and more particularly the section Risk Factors (please see page 18 and following (Part I: Summary) and page 31 and following (Part II: Risk Factors)). By subscribing to the Bonds, investors lend money to the Issuer who undertakes to pay interest on an annual basis and to reimburse the principal on the Maturity Date. In case of bankruptcy or default by the Issuer, however, investors may not recover the amounts they are entitled to and risk losing all or a part of their investment. These Bonds are intended for investors who are capable of evaluating the interest rates in light of their knowledge and financial experience and who should, if required, obtain professional advice. Each decision to invest in these Bonds must be based solely on the information contained in this Prospectus (including the section Risk Factors) and more generally Factors that may affect the Issuer’s ability to fulfil its obligations under the Bonds and Factors which are material for the purpose of assessing the market risks associated with the Bonds.

VGP NV announces that it makes a public offer in Belgium of retail bonds due 19 March 2026 for an expected amount of minimum € 175 million and maximum € 225 million.

The fixed rate of the bonds is 3.50% (gross) per year. The net yield equals 2.304% per year. The bonds will be governed by Belgian law.

The bonds will be issued in denomination of € 1,000. Hence, the minimum subscription amount is equal to € 1,000. Retail investors will be charged a subscription commission of 1% per bond. The subscription period runs from 7 September 2018 until and including 12 September 2018, subject to early closing. Early closing of the subscription period is possible at the earliest on 7 September 2018 at 5:30 pm. Retail investors are encouraged to subscribe to the bonds on the first day of the subscription period, before 5:30 pm. Bonds for an aggregate nominal amount of maximum € 50 million will be reserved for retail investors subscribing through KBC Bank NV (including CBC Banque SA and KBC Securities NV). In case of over-subscription, these subscriptions will be reduced proportionally taking into consideration the maximum amount of € 50 million. If the expected aggregate nominal amount of the bonds of € 225 million is reached, a nominal amount of minimum € 175 million will be reserved for Qualified Investors.

The issue date is planned on 19 September 2018. Application has been made for the bonds to be listed on the regulated market Euronext Brussels and to be admitted to trading on the regulated market of Euronext Brussels.

KBC Bank NV will act as sole manager and bookrunner for this issuance.

A full prospectus detailing the transaction and its terms, drawn up in Dutch and English, as well as a French translation of the summary of such prospectus, can be obtained free of charge as from 5 September 2018 (before opening of the stock exchange) from VGP NV’s head office, and may be consulted as from 5 September 2018 on the VGP NV website (http://www.vgpparks.eu/investors/en/bonds) and in each branch of KBC Bank or CBC Banque, Bolero (www.bolero.be/nl/vgp), via the Regional Advice Centres and on the website (www.kbc.be/vgp).
The net proceeds of the bonds, which are expected to amount to more or less € 223,100,000 for an aggregate nominal amount of € 225 million, are intended to be used for the repayment of all or part of the outstanding debt of VGP NV under the € 75 million fixed rate bonds on their maturity date, i.e. 6 December 2018, in an amount of € 75 million. The remaining balance will be used for the acquisition of development land in the existing and new markets i.e. the Netherlands and Italy (in total € 80 million) and to further finance the development of new projects on development land for the remaining € 68.1 million. VGP NV expects that the application of the funds towards the aforementioned expansion and development plans will be made within a period of 12 to 18 months following the issuance of the bonds, to the extent market conditions are not unfavourable.


Half year results 2018: VGP enters into new markets and develops at record pace

23 Aug 2018

  • Record profit of € 74.8 million (+ € 12.3 million compared to 1H 2017).
  • Signed and renewed annualised rental income of € 18.5 million driven by 264,000 m² of new lease agreements signed corresponding to € 15.0 million of new annualised rental income combined with 68,000 m² of lease agreements renewed corresponding to € 3.5 million of annualised rental income - the signed annualised committed leases represent € 96.8 million, equivalent to 1.90 million m² of lettable area, a 14.7% increase since December 2017.
  • New development land of nearly 654,000 m² acquired and an additional 1,439,000 m² of new land plots under option, subject to receiving permits expected to be acquired during the next 12 months which adds to a total remaining development land bank as of 30 June 2018 of 3,335,000 m² (compared to 3,261,000 as at the end of December 2017).
  • A total of 12 projects delivered representing 307,000 m² of lettable area, with an additional 22 projects under construction representing 455,000 m² of future lettable area.
  • Closed the fourth transaction with our VGP European Logistics joint venture with a transaction value in excess of € 400 million generating net proceeds of € 289.7 million.
  • Because of the current geographic expansion and the accelerated growth of the development activities, VGP is currently reviewing its financing strategy, in order to assess how best to finance its future development pipeline. The different alternatives which are being investigated include amongst others the potential issuance of new bonds.
  • The earlier announced dividend distribution of € 35.3 million (€ 1.90 per share) representing a gross dividend yield of 3.1% was paid out on 16 May 2018.

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VGP steps up its activity in the Netherlands

02 Aug 2018

VGP NV (‘VGP’ or ‘the Company’), today announced the acquisition of its first land plots in the Netherlands.

The group acquired 267,013 m2 of new development land at Park 15 Logistics, a vast logistics development site located between Nijmegen and Arnhem. These land plots have a development potential of circa 150,000 m2 of new lettable area for future tenants. Construction f the first building is expected to start this Autumn.

Jan Van Geet, CEO of VGP, comments: “We are very happy to have been able to acquire a prime development location in the Netherlands and are keen to start our first developments during 2018. We have currently also identified an additional attractive development location in the Netherlands for which negotiations are in final stages. Both locations should provide a solid base to start our development activities in the Netherlands.”

Park 15 Logistics is a strategically located logistics park in the East of the Netherlands. The park benefits from ease of access by road, rail and water towards Rotterdam and the German Ruhr region. Additionally, the park already has a number of high profile users including Nabuurs, the supply chain solutions company, operating a shared services centre at the park with a focus on fast-moving consumer goods, and Lidl, the fast growing
retailer, is building its own distribution centre.


Trading Update

11 May 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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CONVOCATION OF THE ANNUAL SHAREHOLDERS’ MEETING

10 Apr 2018

The shareholders are hereby invited to attend the annual shareholders’ meeting of the Company which shall take place at the Crowne Plaza Brussels Airport Hotel, Leonardo Da Vincilaan 4, 1831 Machelen (Diegem), on Friday 11 May 2018 at 10:00 am, with following agenda and proposed resolutions:

AGENDA AND PROPOSED RESOLUTIONS

  1. Acknowledgement and discussion of the annual report of the board of directors and the report of the auditor on the annual accounts for the financial year ending 31 December 2017.
  2. Acknowledgement and approval of the remuneration report for the financial year ending 31 December 2017.
    Proposed resolution: The general meeting approves the remuneration report for the financial year ending 31 December 2017.
  3. Acknowledgement and approval of the annual accounts for the financial year ending 31 December 2017 and allocation of the results.
    Proposed resolution: The general meeting approves the annual accounts for the financial year ending 31 December 2017. The general meeting approves the allocation of the results as proposed by the board of directors, including the payment of a gross dividend of EUR 1.9 per share. The dividend will be made payable on 16 May 2018.
  4. Acknowledgment and discussion of the annual report of the board of directors and the report of the auditor on the consolidated annual accounts for the financial year ending 31 December 2017.
  5. Acknowledgment of the consolidated annual accounts for the financial year ending 31 December 2017.
  6. Release from liability to be granted to the directors and to the respective permanent representatives of the legal entity-directors.
    Proposed resolution: The general meeting resolves, by a separate vote, that the directors and the respective permanent representatives of the legal entity-directors be released from any liability arising from the performance of their duties during the financial year ending 31 December 2017.
  7. Release from liability to be granted to the auditor.
    Proposed resolution: The general meeting resolves that the auditor be released from any liability arising from the performance of its duties during the financial year ending 31 December 2017.
  8. Determination of a one-off additional remuneration for the independent directors of the Company.
    Proposed resolution: The general meeting approves the proposal of the board of directors with regard to the one-off additional remuneration of EUR 35,000 per independent director of the Company.
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VGP reports full year 2017 record profits

23 Feb 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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Disclosure in accordance with the Law of 2 May 2007 - Transparency law_20171102

02 Nov 2017

Transparency notification by Mr Bart Van Malderen

VGP NV has received a transparency notification dated 31 October 2017 that (i) by virtue of the disposal of 235,997 shares on 27 October 2017, VM Invest NV now holds 22.69% of the voting rights of VGP NV, and (ii) by virtue of the disposal of 3,545,250 shares on 27 October 2017, Bart Van Malderen no longer directly holds any of the voting rights of VGP NV.

Together, VM Invest NV, Bart Van Malderen and VGP MISV Comm. VA now hold 27.69% of the voting rights of VGP NV. Therefore, their voting rights have fallen below the threshold of 30%.

The notification dated 31 October 2017 contains the following information:

  • Reason for notification:
    Acquisition or disposal of voting securities or voting rights.

  • Notification by:
    A parent undertaking or a controlling person.

  • Persons subject to the notification requirement:
    VM Invest NV, Spinnerijstraat 12, 9240 Zele
    Bart Van Malderen
    VGP MISV Comm. VA, Spinnerijstraat 12, 9240 Zele

  • Date on which the threshold is crossed:
    27 October 2017.

  • Threshold that is crossed:
    30%.

  • Denominator:
    18,583,050.

  • Notified details:

    Previous notification After the transaction
    Number of voting rights Number of voting rights % of voting rights
    VM Invest NV 4,451,668 4,215,671 22.69% 
    Bart Van Malderen 3,545,250 0 0.00%
    VGP MISV Comm. VA 929,153 929,153 5.00% 
    Total 8,926,071 5,144,824 27.69%

 

  • Chain of controlled undertakings through which the holding is effectively held:
    VM Invest NV is controlled exclusively by Mr Bart Van Malderen. As statutory manager of VGP MISV Comm. VA, Mr Bart Van Malderen also has exclusive control over VGP MISV Comm. VA.



Disclosure in accordance with the Law of 2 May 2007 - Transparency law_2.11.2017

02 Nov 2017

Transparency notification by Mr Jan Van Geet

VGP NV has received a transparency notification dated 2 November 2017 that Little Rock SA now holds, by virtue of the disposal of 743,322 shares on 27 October 2017, 21.33% of the voting rights of VGP NV.

Together, Little Rock SA, Jan Van Geet and Alsgard SA now hold 34.30% of the voting rights of VGP NV. Therefore, their voting rights have fallen below the threshold of 35%.

The notification dated 2 November 2017 contains the following information:

  • Reason for notification:
    Acquisition or disposal of voting securities or voting rights.

  • Notification by:
    A parent undertaking or a controlling person.

  • Persons subject to the notification requirement:
    Little Rock SA, 25 Boulevard Prince Henri, L-1724 Luxembourg, Luxemburg
    Jan Van Geet
    Alsgard SA, 25 Boulevard Prince Henri, L-1724 Luxembourg, Luxemburg

  • Date on which the threshold is crossed:
    27 October 2017.

  • Threshold that is crossed:
    35%.

  • Denominator:
    18,583,050.

  • Notified details:

    Previous notification After the transaction
    Number of voting rights Number of voting rights % of voting rights
    Little Rock SA 4,707,752 3,964,430 21.33%
    Jan Van Geet 0 0 0.00%
    Alsgard SA 2,409,914 2,409,914 12.97% 
    Total 7,117,666 6,374,344 34.30%


  • Chain of controlled undertakings through which the holding is effectively held:
  • Little Rock SA (previously JVG Invest SA) and Alsgard SA are both exclusively controlled by Mr Jan Van Geet.

 


VGP presents an update on the third quarter of 2017 to present date and business highlights

27 Sep 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
More Information

Successful completion of the sale of VGP Park Nehatu (Estonia)

15 Sep 2017

VGP has successfully completed the sale its VGP Park Nehatu located in Tallinn (Estonia) to East Capital Baltic Property fund III, a fund managed by East Capital.

The transaction covers a total of 5 modern logistics buildings with a total of more than 77,000 m2 of lettable area. The net proceeds of the transaction are circa € 34.5 million.

Jan Van Geet, CEO of VGP, said: “We are pleased the have concluded this transaction with East Capital which leaves our Estonian tenants in good hands for the future. The net proceeds will be re-applied towards the further expansion of our development activities in our more core markets i.e. Germany, Eastern Europe and Spain, which are continuing to record solid growth.”