VGP reports results for first half 2020
24 August 2020, 7:00am, Antwerp (Berchem), Belgium: VGP NV (‘VGP’ or ‘the Group’), the Antwerp-based European provider of high-quality logistics and semi-industrial real estate, today announces the results for half-year ended 30 June 2020:
- Operating performance resulting in a net profit of € 196.9 million
- Result positively affected by the entering into a new 50:50 joint venture with Allianz Real Estate in respect of VGP Park München
- €20.1 million worth of signed and renewed lease agreements during H1 2020, bringing total annualised rental income to € 165.2 million (+6.6% YTD)1
- Delivered 12 projects for a total of 190,000m2 of lettable area in first half of 2020
- 33 projects under construction for a total of 795,000m2 of lettable area as of 30 June 2020
- Total portfolio value increased to €3.23 billion (+16.6% YTD)
- VGP invested in its future pipeline with 1.17 million m2 of new land bought and a further 1.97 million m2 committed subject to permits
- Impact of Covid-19 remains limited so far
- All our construction activities have resumed in full
- The impact on rental payments is very limited: nearly all due payments were received on time with very limited rental payment reprofiling
- Broadened partnership with Allianz through launch of third joint venture for VGP Park München
- Balance sheet further strengthened through €200.0 million capital raising reducing gearing to 35.0% as of 30 June 2020