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VGP: Expected to Post Substantial Higher Net Profit for Full Year 2020

VGP NV a leading European provider of high-quality logistics and semi-industrial real estate, today announced that, based on current preliminary unaudited consolidated financials, the Group expects a net profit for the full year 2020 of between € 355 million and € 375 million. This compares to a net profit of € 205.6 million for full year 2019.

VGP’s Chief Executive Officer, Jan Van Geet, said: “Our result is mostly driven by the large volume of new, mostly pre-let, projects that were started in 2020, spread across all the countries in which we operate.”

Jan Van Geet continued: “There is significant market demand for new sustainable projects, both from industrial and logistics clients, driven by new technological developments and e-commerce. As a result of our substantial land bank, at top locations, and with all the necessary permits, we can respond quickly by offering short delivery times and a high degree of certainty of execution. In addition, thanks to the good locations, we see an increasing interest from our tenants for last-mile logistics in our parks. Furthermore, we have several prime landplots under purchase and our focus is shifting more and more towards the development of parks on brownfield sites, driven by their often strategic location and our desire to contribute to nature conservation.”

Jan Van Geet concluded: “The year 2021 has started very dynamically, despite the many uncertainties and difficulties, we are convinced that 2021 can also be a good year.”

All figures reported herein are preliminary and unaudited. VGP will report its financial figures for the full year 2020 on 26 February 2021 and a management conference call is planned that same day to review the financial results.

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