26 August 2022, 7:00am, 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 2022:
- Strong operating performance resulting in a net profit of € 153.1 million
- € 35.4 million worth of signed and renewed lease agreements during H1’22, bringing total annualised rental income to € 281.1 million (+9.7% YTD)[1]
- As at 30 June 2022, a total of 1,346,000 m2 under construction through 40 projects representing
€ 88.1 million in additional annual rent once fully built and let (87.4% pre-let)- 206,000 m2 of projects started up in H1’22 pre-let at 81.7%, representing € 11.1 million of rental income once fully built and let
- Delivered 17 projects representing 334,000 m2 during H1’22, 99.3% let and representing € 17.1 million of rental income
- Strong liquidity position of €730 million[2] expected to be further positively impacted through seed portfolio closing of Fourth JV and completion of works in VGP Park Munich in H2’22
- Cash balance supported by third closing with Second JV with net proceeds of € 215 million in Q1‘22 and includes gross proceeds of € 82 million of two additional JV transactions as per July 1st ‘22
- Expected minimum gross proceeds of € 73 million for completion of works in VGP Park Munich expected in Q4’22
- Fourth Joint Venture seed portfolio closing planned for Q4‘22
- Revolving credit facility increased by 50% to € 300 million (all remaining undrawn)
- Gearing ratio of 35.2% (33.5% on a pro forma basis²)
[1] Compared to 31 December 2021 and inclusive of Joint Ventures at 100%.
[2] Includes €82 million cash received on 1-Jul-22 as part of two JV closings. Cash balance as at 30 Jun-22 amounts to €648 million