Sustainability is fundamental to our approach and investment philosophy and fully integrated into every stage of the investment lifecycle–from land acquisition and development, leasing, responsible disposals towards our joint ventures and to proactive management of the already standing portfolio. We take a long-term perspective, ensuring our buildings align with key environmental, social and governance (“ESG”) ambitions for all stakeholders.
“We are commited to protect the ecosystem and address climate change, moving towards a low-carbon, energy efficient economy and systainable mobility, fully integrating the Group’s business activities within local communities, and empowering teams on sustainability and diversity.”
Jan Van Geet
CEO, VGP
Collaboration is at the heart of our strategy. By engaging with communities and with our clients from the earliest design and specification stages, we ensure our buildings are efficient and resilient. VGP’s ESG strategy is built on the findings of a materiality analysis and an assessment of ESG risks. It tackles the primary challenges facing the semi-industrial and logistics real estate sector: transitioning to a low-carbon economy and promoting sustainable mobility, while fully integrating the Group’s business activities within local communities.
OUR ESG STRATEGY IS BUILT ON SIX CORE PILLARS
01
VGP is committed to supporting global carbon neutrality through a science-based Climate Transition Plan built around three core actions: reducing carbon emissions in line with scientific expectations, helping partners in the value chain avoid emissions, and removing any residual emissions from operations. The company has set new science-based net zero targets for Scope 1 and 2 emissions, along with aligned reduction goals for Scope 3. VGP’s ultimate ambition is to reach full net zero across all scopes.
02
VGP reduces tenant-related emissions through green leases, energy-efficient upgrades, and renewable energy solutions. This includes smart technologies, rooftop solar systems, battery storage, and replacing gas heating with heat pumps. Tenants are encouraged to meet ESG standards through lease agreements that promote sustainable operations.
03
VGP’s Environmental Management System is designed to reduce the environmental impact of its assets and ensure all development projects align with the Group’s sustainability strategy. The EMS covers all stages of the development process, from acquisition and design to construction and commissioning, and involves multiple departments. Through sustainability audits, project reports, considerate construction practices, and efficient commissioning, VGP ensures its buildings meet high environmental standards.
04
As part of its ESG Strategy roadmap, the Group has developed a comprehensive biodiversity strategy and policy. This strategy is built around four core pillars: protecting nature by safeguarding areas and sites with high biodiversity value and stakes, restoring nature and advance sustainable management across the value chain, enabling transformative change through education, and supporting biodiversity initiatives beyond the Group’s value chain, through the VGP Foundation projects. Together, these pillars reflect the Group’s commitment to preserving and enhancing biodiversity across all areas of influence.
05
The Group stands for a fair overall outcome that rewards individual and collective performance and does not discriminate on race, gender, nationality or any other personal criteria. Diversity and inclusion forms a key part of the Group’s ESG Strategy roadmap. With representation in 18 European countries, VGP welcomes employees from different parts of the world, from diverse cultures and backgrounds to build successful and inclusive teams. VGP commits to ensuring full equal opportunities in HR practices and processes Group-wide.
06
As an operator of sustainable business parks, VGP has an active role to play within communities in which it operates. The Group’s economic success is based on a strong relationship and regular consultations with its stakeholders: tenants, customers, investors, local communities, suppliers and contractors, as well as employees.
Alignment with Sustainability Reporting Standards and Frameworks
VGP strives to align the present Sustainability Statement with the European Union Directive 2022/2464, as regards corporate sustainability reporting (the “Corporate Sustainability Reporting Directive” or “CSRD”).
The VGP Annual Integrated Report complies with EU Taxonomy regulation, EPRA’s Best Practices Recommendations on Sustainability Reporting (“sBPR”), the Global Reporting Initiative (“GRI”) guidelines and strives to align with the recommendations of the TCFD. The Group’s ESG Strategy is furthermore aligned with the United Nations SDGs. For more information click here
VGP features in recognised non-financial (ESG) performance indices. The Group’s ESG assessments by extra-financial rating agencies were updated in 2024:
GRESB – Developer: in 2024, with a score of 95/100, the Group received a “4 Star” rating, the highest performance levels in the GRESB benchmark among its peers, and placed in the top 18% of the benchmark
GRESB – Standing Assets
VGP reconfirmed its B- rating
In 2024, VGP rating was unchanged at A in the MSCI ESG ratings assessment (scoring from CCC to AAA)
VGP received an ESG Risk Rating of 11.7 and was assessed by Sustainalytics to be at “Negligible” risk of experiencing material financial impacts from ESG factors.
VGP’s ESG Risk Rating by Sustainalytics places the Group at the 28th rank (of 150 competitors) in the Real Estate Industry group assessed by Sustainalytics, as well as the 14th percentile in the Real Estate industry.
VGP’s management score of ESG issues assessed by Sustainalytics is strong (59.7/100) (last update in November 2024).
VGP features in the Euronext BEL 20 ESG index.
VGP is signatory of the UN Gobal Compact letter, supporting the Ten Principles of the United Nations Global Compact on human rights, labour, environment and anti-corruption.
Supporting environmental, societal and cultural projects across Europe
In order to maximize our positive societal impact, we set up the VGP Foundation in 2019. We have committed to contribute circa 1-2% of our annual profit to the foundation. It aims to encourage nature conservation, to have a positive impact on local communities through social projects, and to conserve and protect European cultural heritage.