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VGP GROUP, August 24th 2023

  • VGP Group, a European provider of high-quality logistics and semi-industrial real estate, announced August 24th the results for half-year ended 30 June 2023:
  • € 36.2 million worth of signed and renewed lease agreements during 1H’23, bringing total committed annualised rental income to  382.1 million (+8.2% YTD)[1]. On a look through basis, net rental and renewable energy income increased 60% to € 75.6[2] million year over year.
  • Strong net cash recycling of € 267.9 million as a result of two closings with Allianz Joint Ventures and further recycling of + € 450 million expected through seed portfolio closing with new Deka Joint Venture in Q3 ‘23
  • A pre-tax profit of € 48.6 million, reflecting € 33.5 million of net rental and renewable energy income (+96% YoY) and € 45.5 million net valuation gains on the portfolio
  • As at 30 June 2023, a total of 732,000 m2 under construction through 24 projects representing € 50.6 million in additional annual rent once fully built and let (90.7% pre-let, versus market average of cca 50%[3])
    • 236,000 m2 of projects started up in 1H’23 pre-let at 81.5%, representing € 17 million of rental income once fully built and let
    • Delivered 13 projects representing 317,000 m2 during 1H’23, 97.2% let and representing € 18.7 million of rental income once fully let
    • Total completed assets[4] represent 4.621.000 m2 or 207 buildings, are 98.8% let and have an average age of only 3.7 years
  • Repaid € 150 million of bonds in April ’23. Additional bond repayments of € 225 million in September ’23 will be covered by further Joint Venture cash recycling
Date de publication :24/08/2023

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