VGP - Trading update for the first four months of 2018
The first few months of 2018 can be summarised as follows:
- During the first four months, we contracted € 10.4 million of new and renewed rental income
driven by 157,000 m² of new lease agreements signed corresponding to € 8.3 million of new annualised rental income combined with 39,000 m² of lease agreements renewed corresponding to € 2.0 million of annualised rental income and € 0.4 million of additional rental income from rental reviews and indexation).
- A total of 7 projects were delivered representing 227,407 m² of lettable area, capable of generating € 10.8 million of annual rent when fully let, of which € 10.6 million (97.6%) had been contracted.
- VGP European Logistics joint venture saw its fourth closing in 2018 which allowed VGP to recycle some € 301 million of net cash proceeds, which after the repayment of € 73 million short term bank debt and the anticipated € 35.3 million dividend payment will be re-invested in VGP’s development pipeline to further grow the business.
- 505,150 m² of new projects are currently being developed (31 December 2017: 475,113 m²). These new projects represent future estimated annual rent of € 24.1 million.
- 433,389 m² of new development land acquired and 1,275,760 m² new land plots under option to support the development pipeline.
- During the first quarter of 2018 we opened new offices in Italy and the Benelux.
- We also significantly strengthened the VGP team with the hiring of new senior people in significant roles i.e.
- a new VP Business Development and Investor Relations, who will join VGP during the second half of 2018 and who comes from a large blue chip investment bank;
- a new Chief Investment Officer, who joined at the beginning of the year and who is responsible to drive VGP’s further expansion into the new markets; and
- a new Head of Controlling who comes from a large industrial company and who will join during the second quarter of 2018.
- Post the fourth Joint Venture closing at the end of April 2018 the own property portfolio of VGP now consists of 7 completed buildings representing 288,659 m² of lettable area, with an 100% occupancy rate. The Joint Venture’s property portfolio consists of 60 completed buildings representing 1,216,173 m² of lettable area, having currently an occupancy rate of 99.4%, and a gross asset value (“GAV”) of € 1.1 billion.
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