Press Information

11. 04. 2019

VGP NV (‘VGP’ or ‘the Group’), a leading European provider of high-quality logistics and semi-industrial real estate, announces the successful acquisition of 87,000 m2 of development land in Borchwerf (Roosendaal), the Netherlands. The new VGP Park will offer 50,000 m2 of class A premises suitable for logistics, production and commercial activities. Construction activities have started immediately.

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09. 04. 2019

VGP Group has published its Annual Report of 2018. If you are interested in receiving the print copy of the report, please subscribe to petra.vanclova@vgpparks.eu

Annual Report in English

Annual Report in Dutch


01. 04. 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.


06. 03. 2019

VGP NV (‘VGP’ or ‘the Group’), a leading European provider of high-quality logistics and semi-industrial real estate, recently acquired a further 40,000 m2 of development land in Zaragoza, Spain bringing our total land bank in Zaragoza to 120,000 m2. This follows the acquisition last year of 80,000 m2 at Fuenlabrada close to Madrid and a recent acquisition in Valencia bringing our available land to 60,000 m2 close to that city.

  • Zaragoza is Spain’s fifth largest city with over 650,000 inhabitants and is strategically situated between Madrid, Barcelona, Bilbao and Valencia.
  • The land has been acquired at Plaza, 10 kilometers south-east of the city centre at an intermodal transport hub with easy access to road (main motorways AP-2, AP-68 and A-23), train and airfreight

Jan Van Geet, CEO of VGP said: “We are very excited about our opportunities in the Spanish market as we see business investments driving a lot of interest for all our parks across the country. Plaza at Zaragoza benefits from excellent motorway access to Spain’s largest cities in order to efficiently serve the Spanish domestic market as well as excellent access to national and international rail- and airfreight. The construction activities are expected to start in the second half of this year and we have already received several enquiries of interest from reputable prospective tenants in the e-commerce, logistics and light-industrial sectors.”


01. 03. 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

KEY FINANCIAL METRICS

Operations and results 2018 2017 Change (%)
Committed annualised rental income (€mm) 104.1 82.8 25.7%
IFRS Operating Profit before tax (€mm) 151.1 127.7 18.3%
IFRS net profit (€mm) 121.1 96.0 26.1%
IFRS earnings per share (€ per share) 6.52 5.17 26.1%
Dividend per share (€ per share) 2.20 1.90 15.8%

 

Portfolio and balance sheet 2018 2017 Change (%)
Portfolio value, including joint venture at 100% (€mm) 1,936 1,563 23.9%
Portfolio value, including joint venture at share (€mm) 1,355 1,206 12.4%
EPRA NAV per share (€ per share) 30.94 27.06 14.3%
IFRS NAV per share (€ per share) 29.25 25.09 16.6%
Net financial debt (€mm) 419.3 436.6 (4.0)%
Gearing[1] (%) 34.6 42.3 -

 

CONFERENCE CALL FOR INVESTORS AND ANALYSTS

VGP will host a conference call at 10:30 (CET) on 1 March 2019
The conference call will be available on:

  • 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

A presentation is available on VGP website: http://www.vgpparks.eu/investors/en/reports-and-presentations/presentations

FINANCIAL CALENDAR

  Annual Report 2018 9 April 2019
First quarter 2019 trading update 10 May 2019
General meeting of shareholders 10 May 2019
Dividend ex-date 20 May 2019
Dividend payment date 22 May 2019
Half year results 2019 23 August 2019
Third quarter 2019 trading update 22 November 2019


Contact details for investors and Media enquiries

Martijn Vlutters
Tel: +32 (0)3 289 1433
(VP – Business Development & Investor Relations)

Petra Vanclova
Tel: +42 0 602 262 107
(External Communications)

Anette Nachbar
Brunswick Groupe
Tel.: +49 152 288 10363

 

Annual Report 2018 9 April 2019
First quarter 2019 trading update 10 May 2019
General meeting of shareholders 10 May 2019
Dividend ex-date 20 May 2019
Dividend payment date 22 May 2019
Half year results 2019 23 August 2019
Third quarter 2019 trading update 22 November 2019

Press

Petra Vanclová

VGP - industriální stavby s.r.o.


Červený dvůr
Jenišovice 59 CZ-468 33, Jenišovice u Jablonce nad Nisou
Czech Republic

+420 226 212 001