VGP - Half year results 2018

• Record profit of € 74.8 million (+ € 12.3 million compared to 1H 2017).
• Signed and renewed annualised rental income of € 18.5 million driven by 264,000 m² of new lease agreements signed corresponding to € 15.0 million of new annualised rental income combined with 68,000 m² of lease agreements renewed corresponding to € 3.5 million of annualised rental income - the signed annualised committed leases represent € 96.8 million, equivalent to 1.90 million m² of lettable area, a 14.7% increase since December 2017.
• New development land of nearly 654,000 m² acquired and an additional 1,439,000 m² of new land plots under option, subject to receiving permits expected to be acquired during the next 12 months which adds to a total remaining development land bank as of 30 June 2018 of 3,335,000 m² (compared to 3,261,000 as at the end of December 2017).
• A total of 12 projects delivered representing 307,000 m² of lettable area, with an additional 22 projects under construction representing 455,000 m² of future lettable area.
• Closed the fourth transaction with our VGP European Logistics joint venture with a transaction value in excess of € 400 million generating net proceeds of € 289.7 million.
• Because of the current geographic expansion and the accelerated growth of the development activities, VGP is currently reviewing its financing strategy, in order to assess how best to finance its future development pipeline. The different alternatives which are being investigated include amongst others the potential issuance of new bonds.
• The earlier announced dividend distribution of € 35.3 million (€ 1.90 per share) representing a gross dividend yield of 3.1% was paid out on 16 May 2018.

Full press release.