Abonează-te
Abonează-te

Primesti pe mail cele mai noi articole publicate

VGP’s Half Year Results 2023

VGP NV a European provider of high-quality logistics and semi-industrial real estate, today announces 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 annualized 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

VGP’s Chief Executive Officer, Jan Van Geet, said: “It has been an eventful and productive first half of the year, marked by a considerable € 36.2 million of annualized committed rental growth. We are pleased to have welcomed numerous new tenants to our portfolio whilst successfully executing multiple transactions with our existing Joint Venture partners. Moreover, we are witnessing a decline in construction prices which allows us to initiate naew constructions at favorable margins.”

Jan Van Geet, continued: “I believe many have been waiting for an update on the broadening of our Joint Venture model and I am convinced that with Deka we have found comparable DNA to sustain a long term 50:50 partnership. By the end of Q3 a first closing comprising over € 700 million of gross asset value will materialize and by Q3 ’24 the entire portfolio, totaling over € 1.1 billion, will have transferred into the joint venture allowing VGP to recycle over € 700 million of cash. The joint venture will be managed by VGP in a similar way to our existing Joint Ventures and as I have been told, the transaction forms the largest of Europe in its class year to date. In these times, I believe I can proudly state that this is a testament to the resilient quality of our portfolio.”

Jan Van Geet, concluded: “As expected, the real estate industry’s recent shake-up on the back of rising interest rates has revealed a multitude of opportunities, and we are ready to capitalize on them. As such, VGP has signed exclusivity on a number of iconic industrial sites on absolute top locations. In this respect, our solid balance sheet and transactions with existing and new Joint Ventures facilitates us to recycle cash to sustain continuous growth. A prospect I am indeed very excited about and look forward to report upon as we progress.”

[1]   Compared to 31 December 2022 and inclusive of Joint Ventures at 100%

[2]   See note ‘income statement, proportionally consolidated’

[3]   Based on Jones Lang Lasalle market analysis

[4]    Of which 3.174.000 m2, or 154 buildings in JVs and 1.447.000 m2 or 53 buildings in OWN portfolio





Total
0
Shares
Lasă un răspuns

Adresa ta de email nu va fi publicată. Câmpurile obligatorii sunt marcate cu *

Articolul anterior

Testare GRATUITĂ Babeş Papanicolaou şi HPV la Atid şi Şimoneşti, judeţul Harghita!

Articolul următor

Nusco Imobiliara evaluată de KPMG la 400 mil. Euro

Citește și despre galele The Voices of Business Awards:
The Voices of Business Awards Brașov, Covasna și Harghita 2024
The Voices of Business Awards Arad, Timiș și Caraș-Severin 2024
The Voices of Business Awards Bistrița-Năsăud, Mureș, Sălaj și Cluj 2024
The Voices of Business Awards Sibiu, Alba și Hunedoara 2024
The Voices of Business Awards Bihor, Satu Mare și Maramureș 2024
Citește și:
Investiții
Infrastructură
Citeste mai mult

Angajări în domeniul feroviar

Târgul de Carieră Feroviară în România revine în luna iunie cu cea de-a X-a ediție și aduce în…
Turism
Citeste mai mult

Crama Jelna a luat bronzul la Top Hotel Awards

Pentru a treia oară consecutiv vinarii bistrițeni se clasează pe podiumul competiției destinate industriei ospitalității din România. „Suntem…
Educație
Zi de Zi știri economice:
Loading RSS Feed
Total
0
Share