VGP presents an update on the third quarter of 2017 to present date and business highlights
27 September 2017, Diegem (Belgium) – VGP NV (‘VGP’ or ‘the Group’, Euronext Brussels ISIN BE0003878957) today announced an update on the third quarter of 2017 to present date and business highlights.
Highlights of the trading update and business highlights
- € 3.3 million of additional new leases signed bringing the annualised committed leases for the year to date to € 77.2 million (+ € 17.1 million compared to 31 December 2016) with several new leases in advanced / final phase(s) of negotiations
- 328,246 sqm of new land plots acquired adding 159,208 sqm of additional development lettable area potential
- 660,000 sqm of new land plots secured which brings the total land bank under option to 1,300,000 sqm having a development potential of circa 600,000 sqm of future lettable area
- Completion of the sale of VGP Park Nehatu (Estonia) which represented 77,000 sqm of lettable area (5 buildings) and € 4.2 million of annualised committed leases). Net proceeds of the sale of circa € 34.5 million to be re-applied towards the further expansion of the development activities in the core markets
- Development of 6 new projects started up totalling 46,536 sqm of future lettable area increasing the current buildings under construction to 563,198 sqm of future lettable area. These buildings under construction on which 76% pre-leases have already been signed, represent a total estimated annualised rent income of € 26.9 million (assuming full occupancy and current market rental conditions)
- The completed buildings (of both the own and joint venture portfolios) remain 100% let
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