VGP’s results for first half 2021

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30 August 2021, 6:00pm, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, today announces the results for half-year ended 30 June 2021: 

  • Strong operating performance resulting in a record net profit of € 203.8 million
    • As of 30 June 2021, a total of 1,127,000 m2 under construction through 42 projects representing €69.4 million in additional annual rent once fully built and let (81.3% pre-let)
    • 426,000 m2 of projects started up in 2H21 and a further 386,000 m2 are expected be started up in the coming months (total construction portfolio incl. to be started up 78% pre-let)
    • 56 million m2 land bank owned or committed (+11.9% YTD)
    • Total portfolio value increased to €4.48 billion[1] (+16.6%YTD)
    • Our total signed rental income grew with 21.9% over the first 8 months of 2021 to € 225.7 million as of 31 August 2021[2]
    • Strong delivery pipeline of >550,000m2 expected for 2H21[3]
  • Anticipated capex roll-forward is expected to be fully covered by net cash proceeds from joint venture closings
  • Advanced discussions with Allianz regarding expansion of partnership through launch of fourth joint venture ongoing; first joint venture has reached investment target
  • Strong cash position with €469 million available on balance sheet and gearing ratio at 30.4% as of 30 June 2021 following successful €600 million green bond issue


VGP’s Chief Executive Officer, Jan Van Geet, said: “The breadth and depth of client engagement witnessed during the first 8 months of 2021 – stronger than any prior year, buoyed by strong market fundamentals on the foundation of our prime and ready-to-build land bank. This has resulted in several iconic very long-term new lease contracts getting signed.  The conversion of land bank into yielding assets for this period alone reflects a portfolio growth of well over €1 billion once completed.”

Jan Van Geet added: “We are continuing to expand our Corporate and Social Responsibility agenda, making each of our countries, assets and over 300 employees active contributors to our CSR objectives.  Whilst our photovoltaic roll-out continues above plan – with 133MWp in solar panel installations underway we will soon produce sufficient solar energy to support 37,000 households. On our brownfield sites in Giessen and Wiesloch, Germany, we are now also planning our first large built-to-suit project earmarked to receive the DGNB KlimaPositiv (CO2 neutral) certification.”

Jan Van Geet concluded: “Whilst I am very proud of what has been achieved, at the same time we are looking forward to the ambitious journey that lies ahead. We have several more prestigious projects in our pipeline and we are working hard on potentially starting up new countries both in East and Western Europe. The VGP family keeps growing, aiming to be diverse and inclusive, yet adhering to our core house principles of trying hard to deliver exceptional client service in partnership with local authorities and communities, whilst acting with integrity and responsibility.”

[1] Including of Joint Ventures at 100% 

[2] incl. of Joint Ventures at 100%.  As of 30 Jun ’21: €22.7 million worth of signed and renewed lease agreements with total annualised rental income of € 205.7 million (+11.1% YTD) 

[3]  Delivered 5 projects with 81,000 m² of lettable area during 1H 2021.  Several other projects currently under construction are scheduled for delivery in the coming months