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VGP NV - Half-year financial results
27.08.2019 11:23
RECORD AMOUNT OF NEW LEASE CONTRACTS SOLIDIFIES PATH OF CONTINUED FUTURE GROWTH
VGP NV (‘VGP’ or ‘the Group’), a leading European provider of high-quality logistics and semi-industrial real estate, today announces the results for half-year ended 30 June 2019:
- Solid operating performance resulting in a net profit of € 75.0 million
- Signed and renewed lease agreements corresponding to € 27.0 million of annualised rent income bringing the total annualised rental income to € 129.3 million (+24% YTD)[1]
- Delivered 175,000 m2 of lettable area in first half of 2019
- 480,000 m2 under construction as of 30 June 2019
- After the reporting period end a milestone project near Munich was announced with the development of a new park which is completely pre-let with 250,000 m2 of lettable space
- Significant strengthening of platform for future growth
- VGP invested in its future pipeline with 1.7 million m2 of new land bought
- A further 2.24 million m2 committed subject to permits
- Announced broadened partnership with Allianz through the launch of second 50:50 Joint Venture on 1 July 2019
- VGP European Logistics 2 is an investment vehicle targeting core logistics assets in Austria, Italy, the Netherlands, Portugal, Romania and Spain[2]
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Half-year financial results
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