VGP - Trading update for the first four months of 2017
- Annualised committed leases increase to € 72.4 million at the end of April 2017 (+ € 8.1 million compared to 31 December 2016).
- The weighted average term of the annualised committed leases of the combined own and Joint Venture portfolio stood at 10.1 years (compared to 10.3 years as at 31 December 2016). The own portfolio reached 13.2 years (compared 14.1 years as at 31 December 2016) and 7.7 years (compared to 7.8 years as at 31 December 2016) for the Joint Venture portfolio.
- The signed annualised committed leases at the end of April represent a total of 1,440,594 m² (compared to 1,278,238 m² as at 31 December 2016) of lettable area of which 704,979 m² (compared to 545,715 m² as at 31 December 2016) relates to the own portfolio and 735,617 m² (compared to 732,523 m² as at 31 December 2016) to the VGP European Logistics joint venture.
- 5 projects delivered during the first four months, representing 115,253 m² of lettable area. In addition, 24 projects under construction representing 463,258 m² of future lettable area.
- Further expansion of land bank in Germany with the acquisition of 104,069 m² of development land. In addition, new land plots totalling 273,142 m² were secured, of which the majority, subject to obtaining the necessary permits, will be acquired in the course of the next 12 months.
- Launch of the construction of the first building (22,980 m²) in Madrid (Spain) to occur during the month of May 2017.
- New closing anticipated with VGP European Logistics joint venture at the end of May 2017, for a transaction value in excess € 173 million.
- Successful placement of a new 8 year € 80 million institutional bond on 30 March 2017.
- Agreement for the potential sale of VGP Park Nehatu reached following its full development, with proceeds to be re-invested into the development pipeline.
- Meanwhile, VGP is working intensively on further geographical expansion.
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