VGP Trading Update

PRESS RELEASE
Regulated Information – inside information  

10 May 2024, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’) today published its trading update for the first four months of 2024, reporting important milestones and solid growth:

• €31.9 million of new and renewed leases signed year-to-date bringing the annualised committed leases for the year to date to €376.2 million¹ (+ € 25.4 million compared to 31 December 2023, which is +7% YTD and +17% y-o-y). VGP has been able to conclude a number of iconic lease agreements, predominantly in the industrial segment in Western Europe, and is negotiating on a significant pipeline of additional pre-let projects.
• 33 projects under construction representing 861,000 square meters (of which 11 projects totalling 188,000 square meters started up during the year) and €56.7 million in additional annual rent once fully built and let. The pipeline under construction is 71.6% pre-let. The pre-let of assets longer than six months under construction amounts to 81.3% to date. VGP estimates to initiate over 300,000 sqm of developments in the first half of ’24.
• 4 projects delivered representing 101,000 square meters, or € 7.1 million in additional annual rent, currently fully let and a further 89,000 square meters estimated for delivery in the remainder of the first half of 2024.
• Total secured development land bank stands at 8.4 million square meters at the end of April 2024 representing a development potential of over 3.7 million square meters. 286,000 square meters of new development land was acquired during the first four months of the year with  the acquisitions including, amongst others, VGP’s inaugural landplot in Vejle, Denmark.  Several other land acquisition projects are in the pipeline.
• Completed property portfolio² virtually fully let with occupancy at 99% as of 30 April 2024 (compared to 99 % as at 31 December 2023). Of the € 376.2 million committed annualized rental income, € 316.2 has become cash generative, an increase of 4% versus December 2023. Another € 40.5 million² of rental income is expected to start within the next twelve months.
• Effectuated several transactions resulting in enhanced liquidity by € 797 million:
  1. Executed first closing with Areim and second closing with Deka, resulting in gross proceeds of € 489 million;
  2. Disposal of the Development Joint Venture LPM Moerdijk, which resulted in € 173 million of gross proceeds;
  3. Financing of VGP Renewable Energy enabled VGP to draw € 135 million at attractive conditions.

• Operational PV capacity has further increased during the first four months of 2024 with 91 projects completed delivering 121.4MWp compared to 101.8 MWp as of Dec-23 (+18.8% YTD) .
• As per May 10^th, VGP will host its annual general shareholders meeting at its headquarters in Antwerp. Amongst others the shareholders will vote on a dividend pay-out of € 101 million, or
  € 3.70 per share.
• As per April 9^th, VGP published its Annual Report 2023, including the Corporate Responsibility Report showcasing VGP’s steps taken and KPI’s set as part of the Group’s ESG strategy.

See the full press release in the attachment

¹       Including Joint Ventures at 100%. As at 30 April 2024 the annualized committed leases of the Joint Ventures stood at €275.3 million.

²       Including Joint Ventures at 100%.

Attachment

• 10 May 2024_VGP – Trading update (ENG)