10 May 2019
VGP NV (‘VGP’ or ‘the Group’), a leading European provider of high-quality logistics and semi-industrial real estate, today published a trading update for the first four months of 2019:
- Strong operating performance
- Record €18.1 million signed and renewed lease agreements, bringing total annualized rental income to €121.0 million (+16% year-to-date) and increasing the average lease term of the portfolio to 8.2 years (vs. 7.8 at Dec-18)
- A total of 547,000 m2 under construction and 62,000 m2 delivered in 2019 year-to-date. The portfolio under construction represents €28.2 million in additional annual rent once fully built and let
- Continued expansion of land bank to secure future growth
- Extended pipeline through 940,000 m2 of new land bought and a further 2.6 million m2 committed subject to permits
- Total land bank acquired and secured has grown to 5.8 million m2 which supports 2.6 million m2 of future lettable area
- Successful fifth closing with VGP European Logistics joint venture allowed recycling of €130 million of net cash proceeds
- Anticipate first closing for new Joint Venture with Allianz Real Estate in Q2 2019