VGP Trading Update


Regulated Information – Inside Information  

9 November 2023, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’) today published its trading update for the first ten months of 2023, reporting solid growth, enhanced liquidity and exciting new development prospects.

  • €54.3 million of new and renewed leases signed year-to-date (of which € 18.1 million during the past 4 months) bringing the annualised committed leases for the year to date to €341.2 million1 (+ € 38 million compared to 31 December 2022, which is +13% YTD and +17% y-o-y). Recently we have benefited from a strong rise in demand in our portfolio.
  • 24 projects under construction representing 790,000 m² (of which 16 projects totalling 402,000 m² started up during the year) and 55.5 million in additional annual rent once fully built and let. The pipeline under construction is 87.14% pre-let. Currently VGP expects to start up construction of up to 251,000 m2 before year-end. Construction prices remain in decline.
  • 18 projects delivered during the year representing 426,000 m², or € 22.3 million in additional annual rent (of which 5 projects totalling 109,000 m² delivered during the 2H 2023), currently 99% let and a further 292,000 m² estimated for delivery in the remainder of 2023, currently 96,5% let.
  • 1,240,000 m² of new development land acquired during the year (of which 539,000 m² during 2H 2023) and 875,000 m² of development land deployed to support the new developments started up during the year. Total secured development land bank stands at 9 million m² at the end of October 2023 representing a development potential of over 4.2 million m². As anticipated previously, VGP has been able to secure a number of iconic sites, amongst others the former R&D site of Stellantis at Vélizy-Villacoublay (14 km from Paris Eiffel tower, with direct ring road access) which has already been acquired. 
  • Property portfolio2 virtually fully let with occupancy at 99% as of 31 October 2023 (compared to 99 % as at 30 June 2023). Of the € 341.2 million committed annualized rental income, € 296.6 has become cash generative, an increase of 24% versus December 2022. Another € 33.1 million of rental income is expected to start within the next twelve months.
  • Solid liquidity position as evidenced by:
    1. Cash distribution relating to VGP Park München joint venture with Allianz Real Estate received in Q3 in amount of € 50 million. Additional profit distribution from the First, Second and Third Joint Venture expected in Q4 in amount of € 30-40 million;  
    2. Successful first closing of Deka resulting in gross proceeds of € 461 million;
    3. Workstreams well advanced to broaden the Joint Venture model substantially further with existing and new partners;
    4. Repaid bond of € 225 million at maturity in September ’23;
    5. Reiteration of VGP’s investment grade rating by Fitch with stable outlook.


  • Photovoltaic capacity grew exponentially to 173MWp operational or under construction and with a further 95MWp being planned. Once built, the renewable energy production will exceed our annual tenant electricity consumption. This contributed to the four-star GRESB developer rating, the second highest among peers in the European logistics segment



Investor Relations Tel: +32 (0)3 289 1433
[email protected]
Karen Huybrechts
(Head of Marketing)
Tel: +32 (0)3 289 1432

Forward-looking statements: This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. VGP is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release considering new information, future events or otherwise. The information in this announcement does not constitute an offer to sell or an invitation to buy securities in VGP or an invitation or inducement to engage in any other investment activities. VGP disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by VGP.


VGP is a pan-European owner, manager and developer of high-quality logistics and semi industrial real estate as well as a provider of renewable energy solutions. VGP operates a fully integrated business model with capabilities and longstanding expertise across the value chain. Founded in 1998 as a Belgian family-owned real estate developer in the Czech Republic, VGP with a staff of circa 371 FTEs today operates in 17 European countries directly and through several 50:50 joint ventures. As of June 2023, the Gross Asset Value of VGP, including the joint ventures at 100%, amounted to € 6.76 billion and the company had a Net Asset Value (EPRA NTA) of € 2.2 billion. VGP is listed on Euronext Brussels (ISIN: BE0003878957).

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1       Including Joint Ventures at 100%. As at 31 October 2023 the annualized committed leases of the Joint Ventures stood at €225.9 million.

2       Including Joint Ventures at 100%.


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