19 November 2020, 6:00pm, Antwerp (Berchem), Belgium: VGP NV (‘VGP’ or ‘the Group’), a pan-European provider of high-quality logistics and semi-industrial real estate, today published its trading update for the first 10 months of 2020:
- Robust operating performance
- Strong leasing growth across the portfolio resulting in €34.6 million new signed and renewed rental income, bringing total annualized signed rental income up 13.5% year-to-date to €176.0 million (including joint ventures at 100%)
- 31 projects under construction, representing 743,000 m2 or €48.1 million in annual rent once fully built and let. The portfolio under construction is today 79.9% pre-let
- 23 projects delivered in 2020 year-to-date representing 472,000 m2, bringing the total completed portfolio (incl JVs) to 2,380,000 m2
- Land bank has continued to expand
- Acquisition of 1.58 million m2 of new land year-to-date and a further 2.59 million m2 committed subject to permits
- Total land bank acquired and secured of 7.48 million m2 which supports 3.57 million m2 of future lettable area (+28.4% year-to-date)
- Strengthened capital and liquidity position
- Successful joint venture closings with VGP European Logistics and VGP European Logistics 2 which generated in total €318 million of gross cash proceeds
- Raised €109 million of gross cash proceeds through a placement of 929,153 treasury shares on 3 September 2020