VGP NV (‘VGP’ or ‘the Group’), a leading European provider of high-quality logistics and semiindustrial real estate, today announced that, based on current preliminary unaudited consolidated financials, the Group expects a net profit for the full year 2019 of between €190 million and €210 million. This compares to a net profit of €121 million for full year 2018.
VGP’s Chief Executive Officer, Jan Van Geet, said: “We are very pleased with the performance and expected net profit for full year 2019. During the year we have signed a record €53.3 million of annualized new lease agreements which is propelling new development activities across the portfolio. Further we are very confident for the outlook for 2020 as we continue the implementation of our panEuropean roll-out.”
All figures reported herein are preliminary and unaudited. VGP will report its financial figures for the full year 2019 on 28 February 2020 and a management conference call is planned that same day to review the financial results (dial-in details will be available on VGP website in due course).
This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. VGP is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release in light of new information, future events or otherwise. The information in this announcement does not constitute an offer to sell or an invitation to buy securities in VGP or an invitation or inducement to engage in any other investment activities. VGP disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by VGP.
VGP is a leading pan-European developer, manager and owner of high-quality logistics and semiindustrial real estate. VGP operates a fully integrated business model with capabilities and longstanding expertise across the value chain. The company has a well-advanced development land bank of 7.0 million m² and the strategic focus is on the development of business parks. Founded in 1998 as a familyowned real estate developer in the Czech Republic, VGP with a staff of over 200 employees today owns and operates assets in 12 European countries directly and through VGP European Logistics and VGP European Logistics 2, both joint ventures with Allianz Real Estate. As of June 2019, the Gross Asset Value of VGP, including the joint venture at 100%, amounted to €2.2 billion and the company had a Net Asset Value (EPRA NAV) of €604 million. VGP is listed on Euronext Brussels and on the Prague Stock Exchange (ISIN: BE0003878957).