News

15. 09. 2017

VGP has successfully completed the sale its VGP Park Nehatu located in Tallinn (Estonia) to East Capital Baltic Property fund III, a fund managed by East Capital.

The transaction covers a total of 5 modern logistics buildings with a total of more than 77,000 m2 of lettable area. The net proceeds of the transaction are circa € 34.5 million.

Jan Van Geet, CEO of VGP, said: “We are pleased the have concluded this transaction with East Capital which leaves our Estonian tenants in good hands for the future. The net proceeds will be re-applied towards the further expansion of our development activities in our more core markets i.e. Germany, Eastern Europe and Spain, which are continuing to record solid growth.”


07. 09. 2017

The shareholders are hereby invited to attend the special shareholders’ meeting of the Company which shall take place at the offices of Argo bcvba, at City Link, fifth floor, Posthofbrug 12, 2600 Antwerp, on Monday 9 October 2017 at 10:00 am, with following agenda and proposed resolution:

AGENDA AND PROPOSED RESOLUTION

1. Approval of condition 6.2 of the terms and conditions of the bonds issued by the Company on 6 July 2017 and the rights of the bondholders, as set out in part IV of the prospectus dated 21 June 2017, for the public offer of the bonds, and in particular the approval of the change of control clause included therein, in accordance with article 556 of the Belgian Companies Code.

Proposed resolution: Condition 6.2 of the terms and conditions of the bonds issued by the Company on 6 July 2017 and the rights of the bondholders, as set out in Part IV of the prospectus dated 21 June 2017, for the public offer of the bonds, pertaining to the possibility for the bondholders to require the Company to redeem the bonds in case of a change of control, is approved, in accordance with article 556 of the Belgian Companies Code. In accordance with the requirements of article 556, second indent, of the Belgian Companies Code, this resolution shall be filed in accordance with article 75, 3° of the Belgian Companies Code and shall be published as an announcement in the Belgian State Gazette by including an extract of the minutes of this special shareholders’ meeting.

Conditions of admission to the special shareholders’ meeting

 

Shareholders may only participate in the special shareholders’ meeting and exercise their voting rights at these meetings if the following two conditions are satisfied:

  1.  Based on the proof submitted in accordance with the registration procedure set out below, the Company must be able to determine that at midnight (24:00) (CET) on the Record Date, 25 September 2017 (the “Record Date”), you owned the number of shares for which you intend to participate in the shareholders’ meeting.
  2. On 3 October 2017 at the latest, you must explicitly confirm to the Company that you intend to participate in the special shareholders’ meeting.

These conditions must be satisfied in accordance with the formalities mentioned below.

    

1. Holders of registered shares

In accordance with article 536, §2 of the Belgian Companies Code and article 24 of the articles of association the holders of registered shares are entitled to participate in and to vote at the special shareholders’ meeting, provided that:

  • their shares are recorded in their name in the register of registered shares at midnight (24:00) (CET) on the Record Date, 25 September 2017, and this irrespective of the number of shares that they own on the date of the special shareholders’ meeting; and
  • they notify the Company in writing of (i) their intention to participate in the special shareholders’ meeting, and (ii) the number of securities for which they wish to participate in the special shareholders’ meeting, by means of a signed form that must be received by the Company at the Company’s registered office at the latest on 3 October 2017; a model of this form is available at the Company’s registered office and on the Company’s website under the tab “Investors - Shareholders Meetings” (www.vgpparks.eu).

2. Holders of dematerialized shares

In accordance with article 536, §2 of the Belgian Companies Code and article 24 of the articles of association the holders of dematerialized shares are entitled to participate in and to vote at the special shareholders’ meeting, provided that:

  • their shares are recorded in their name in the accounts of a recognized account holder or a settlement institution at midnight (24:00) (CET) on the Record Date, 25 September 2017, and this irrespective of the number of shares that they own on the date of the special shareholders’ meeting; and
  • at the latest on 3 October 2017, they provide the Company (at the Company’s registered office) with, or arrange for the Company (at the Company’s registered office) to be provided with, a certificate issued by the recognized account holder or the settlement institution certifying the number of dematerialized shares recorded in the shareholder’s accounts on the Record Date in respect of which the shareholder has indicated his intention to participate in the special shareholders’ meeting.

Only persons who are a shareholder of the Company on the Record Date (25 September 2017) and who have indicated, on 3 October 2017 at the latest, their intention to participate in the special shareholders’ meeting as set out above will be admitted to the shareholders’ meeting.

The shares are not blocked as a result of the above-mentioned process. As a result, the shareholders are free to dispose of their shares after the Record Date.

Right to add agenda items and to submit proposed resolutions

In accordance with Article 533ter of the Belgian Companies Code, one or more shareholders holding jointly at least three per cent (3%) of the registered capital of the Company may request items to be added to the agenda
of the shareholders’ meeting and submit proposed resolutions in relation to existing agenda items or new items to be added to the agenda, provided that:

  • they prove ownership of such shareholding as at the date of their request and record their shares representing such shareholding on the Record Date (i.e., on 25 September 2017); the shareholding must be proven either by a certificate evidencing the registration of the relevant shares in the register of registered shares of the Company or by a certificate issued by a recognized account holder or a settlement institution certifying the book-entry of the relevant number of dematerialized shares in the name of the relevant shareholder(s);
  • the additional agenda items and/or proposed resolutions have been submitted in writing by these shareholder(s) to the board of directors at the latest on 17 September 2017. We point out to the shareholders that 17 September 2017 is a Sunday and that, as the case may be, they should make the necessary arrangements to fulfil the required formalities before, on 15 September 2017.

These additional agenda items and/or proposed resolutions may be delivered to the Company by mail sent to the Company’s registered office for the attention of Mr Dirk Stoop or by e-mail sent to This email address is being protected from spambots. You need JavaScript enabled to view it.. The Company shall confirm the receipt of the proposed requests, by e-mail or by mail to the address mentioned by the shareholder, within 48 hours.

As the case may be, the Company shall publish the modified agenda of the relevant shareholders’ meeting, together with the ad-hoc proxy form, completed with the additional agenda items and/or proposed resolutions on the website of the Company (www.vgpparks.eu) at the latest on 24 September 2017.

The proxy’s that were notified to the Company prior to the publication of a completed agenda, remain valid for the agenda items for which they were granted. Exception is made for agenda items for which new proposed resolutions have been submitted, in accordance with article 533ter of the Belgian Companies Code: in such case the proxy holder may deviate during the relevant shareholders’ meeting of the instructions of the shareholder
granting the proxy, if the execution of such instructions would prejudice the interests of the shareholder. The proxy holder must inform the shareholder thereof. The proxy must indicate whether the proxy holder is authorised to vote on new agenda items or whether he should abstain from voting.

Right to ask questions

In accordance with Article 540 of the Belgian Companies Code and Article 29 of the articles of association, all shareholders are entitled, whether during the meeting or in writing before the meeting, to ask questions to the directors with respect to their reports as referred to in the agenda of the special shareholders’ meeting or the agenda items.

Questions asked in writing will only be answered if the relevant shareholder has fulfilled the formalities set out above to be admitted to the special shareholders’ meeting and if the written question has been received by the Company at the latest on 3 October 2017.

Written questions may be delivered to the Company by mail sent to the Company’s registered office for the attention of Mr Dirk Stoop or by e-mail sent to This email address is being protected from spambots. You need JavaScript enabled to view it..

Proxy

In accordance with article 25 of the articles of association, each shareholder may be represented at the shareholders’ meeting by a proxy holder, who does not need to be a shareholder. Except in cases provided for in the law (article 547bis, §1, second indent of the Belgian Companies Code), a shareholder may only appoint one person as proxy holder for a particular shareholders’ meeting.

Shareholders who so wish to be represented by proxy, are requested to use the model of proxy form (with voting instructions) that is available at the Company’s registered office and on the Company’s website under the tab
“Investors - Shareholders Meetings” (www.vgpparks.eu).

Notification of the proxy to the Company must occur in writing, either by mail sent to the Company’s registered office for the attention of Mr Dirk Stoop or by e-mail sent to This email address is being protected from spambots. You need JavaScript enabled to view it..

The signed proxy form must in original be received by the Company at the Company’s registered office at the latest on 3 October 2017.

Shareholders who wish to be represented by proxy, must have fulfilled the formalities set out above to be admitted to the special shareholders’ meeting (registration- and confirmation procedure).

Availability of the documents

In accordance with Article 535 of the Belgian Companies Code, the shareholders of the Company can, as of 7 September 2017, upon presentation of their security or of a certificate issued by a recognized account holder or a settlement institution certifying the number of dematerialized shares recorded in the name of the shareholder, obtain at the Company’s registered office (Leonardo Da Vincilaan 19A box 6, 1831 Machelen (Diegem)), free of charge, a copy of the documents and reports that relate to these meetings or that must be made available to them pursuant to law.

Requests to obtain copies, free of charge, may also in writing or electronically by mail or by e‑mail for the attention of:

Mr Dirk Stoop
Telephone: +32 2 719 00 45
Fax: +32 2 793 02 84
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

All the relevant information with regard to the special shareholders’ meeting, including all of the reports and documents, referred to in the item of the agenda of the special shareholders’ meeting, as well as the aforementioned proxy forms, are available on the website of the Company (www.vgpparks.eu) as of 7 September 2017.

The board of directors


30. 08. 2017

The Board of Directors of VGP NV (“VGP” or the “Company”), the developer, manager and owner of high quality real estate in Europe, has been informed that Bart Van Malderen, currently the largest shareholder of VGP, with a total shareholding of 43% (via VM Invest NV and in individual capacity), is considering a reduction of his shareholding in VGP through a secondary public offering of existing ordinary shares (the “Offering”). VGP would not be issuing new ordinary shares and would not be receiving any proceeds from the Offering.

Bart Van Malderen is a historic investor in the Company and has supported it since its initial start-up phase. Now, 10 years after the Company's stock market listing, he believes, that the Company has reached the critical size to broaden its investor base in Belgium and internationally. This Offering will also allow VGP to significantly improve the liquidity of its shares and diversify its institutional and retail shareholder base. Prior to the Offering, the Company’s free float is 10.14%.

Following the Offering, Bart Van Malderen will continue to hold a significant stake in VGP and serve on the board as a director.

The Board of Directors of VGP has also been informed that Jan Van Geet (owner currently of 38% of VGP via Little Rock SA and Alsgard SA), also intends to divest a small part of his shareholding, but will continue to hold more than 30% of VGP after the Offering and will remain CEO of VGP, a position he has held since the founding of the Company.

At this stage, VGP understands that no final decision to proceed with the Offering has been made. Such decision will depend on a number of factors, including a favourable capital markets environment. There can consequently be no assurance as to if, when or on what conditions Bart Van Malderen, VM Invest NV and Little Rock SA will offer part of their respective shareholding in VGP.

The shares of VGP are listed and publicly traded on the regulated market of Euronext Brussels and on the Main Market of the Prague Stock Exchange.

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Important notice

The information contained in this announcement is for general information only and does not purport to be full or complete. This announcement does not constitute, or form part of, an offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for shares, and any purchase of, or application for, shares in the Company to be sold in connection with the Offering should only be made on the basis of information contained in the prospectus to be issued by the Company in due course in connection with the Offering and any supplements thereto, as the case may be. This announcement is not a prospectus. The prospectus will contain detailed information about the Company and its management, risks associated with investing in the Company, as well as financial statements and other financial data.

No announcement or information regarding the Offering, as the case may be, or shares referred to above may be disseminated to the public in jurisdictions outside of Belgium where a prior registration or approval is required for such purpose. No steps have been taken, or will be taken, for the Offering or shares of the Company in any jurisdiction outside of Belgium where such steps would be required. The purchase of shares of the Company are subject to special legal or statutory restrictions in certain jurisdictions. The Company is not liable if the aforementioned restrictions are not complied with by any person.

The securities to which this release relates have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration under the Securities Act or pursuant to an exemption from such registration.

In member states of the European Economic Area (“EEA”) other than Belgium, this announcement is only addressed to and directed at persons (i) who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC and amendments thereto, including Directive 2010/73/EU, to the extent implemented in the relevant Member State of the EEA) and any implementing measure in each relevant Member State of the EEA (the “Prospectus Directive”), or (ii) in any other circumstances not requiring the Company to publish a prospectus in such relevant Member State of the EEA as provided under Article 3(2) of the Prospectus Directive. In addition, this document is being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “relevant persons”). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Acquiring investments to which this announcement relates may expose an investor to a significant risk of losing the entire amount invested. Persons considering such investments should consult an authorised person specialising in advising on such investments. This announcement does not constitute a recommendation concerning the Offering. The value of the shares can decrease as well as increase.


22. 08. 2017

VGP NV (‘VGP’ or ‘the Group’, Euronext Brussels ISIN BE0003878957) today announced results for the six months ending 30 June 2017.

  • Profit for the period of € 62.5 million (+ € 19.7 million compared to 30 June 2016)
  • Net valuation gain on the investment portfolio reaches € 59.9 million (compared to € 65.1 million at the end of June 2016)
  • At the end of May, a third closing occurred with the VGP European Logistics joint venture (50/50 JV with Allianz Real Estate) with a transaction value in excess of € 173 million
  • Capital distribution in cash of € 20.1 million (€ 1.08 per share) paid to the shareholders on 4 August 2017

VGP, the developer, manager and owner of high quality logistics real estate in Europe, has today published its half-year 2017 results. The Group experienced strong growth in all its active markets, with profits for the period up to € 62.5 million, an increase of 46.1% on the same period last year, and net valuation gain on the portfolio amounting to €59.9 million.

Jan Van Geet, CEO of VGP Group, said: “We are delighted with a positive set of half yearly results which demonstrate the strength of our business model. Our future project pipeline is robust, supported by a successful bond issuance program that has exceeded expectations, and we are completing current projects at record pace, driving profits higher from this period last year. We believe in rewarding the loyalty of our investors and so we are delighted to share our success with them.”

Read more

03. 07. 2017

VGP has sold its VGP Park Nehatu located in Tallinn (Estonia) for € 54 million to East Capital Baltic Property fund III, a fund managed by East Capital.

The transaction covers a total of 5 modern logistics buildings with a total of more than 77,000 m2 of lettable area.

Jan Van Geet, CEO of VGP, said:
“This deal underlines the quality of what we have realised in the past few years in Estonia and we are particularly pleased that we have been able to conclude this transaction with East Capital. This transaction marks the second transaction with East Capital in Estonia, the first one being the sale in 2012 of newly built logistic properties totalling 40,000 m² located on the south side of Tallinn. The transaction will allow us to further expand our activities in our other more core markets i.e. Germany, Eastern Europe and Spain.”

The sale to East Capital is scheduled for completion during the third quarter of 2017, subject to the fulfilment of contract terms and regulatory approval.


23. 06. 2017

VGP announces that the public offer in Belgium for a retail bond has been closed, in consultation with the Lead Manager, KBC Bank NV, after the first day of the subscription period because the maximum amount of € 75 million was largely achieved.

The Lead Manager received a total amount of subscriptions that is more than 3.5 times higher than the maximum issue amount expected of € 75 million. For this reason, subscriptions will be reduced accordingly. The investors will receive more information in this regard via their financial intermediary. The bonds will be issued on 6 July 2017 and will be admitted to trading on the regulated market of Euronext Brussels.

More information on this public offer is set forth in the prospectus published by VGP NV on 21 June 2017 and as approved by the Financial Services and Markets Authority (“FSMA”) on 20 June 2017 and available at www.vgpparks.eu and www.kbc.be/vgp.


21. 06. 2017

VGP NV announces that it makes a public offer in Belgium of retail bonds due 6 July 2024 for an expected amount of minimum € 50 million and maximum € 75 million.

The fixed rate of the bonds is 3.25% (gross) per year. The net yield equals 2.120% per year.

The bonds will be issued in denomination of € 1,000. Retail investors will be charged a subscription fee of € 10 per bond. The subscription period runs from 23 June 2017 until and including 30 June 2017, subject to early closing. The issue date is planned on 6 July 2017. Application has been made for the bonds to be listed on the regulated market Euronext Brussels and to be admitted to trading on the regulated market of Euronext Brussels.

KBC Bank NV will act as sole manager and bookrunner for this issuance.

A full prospectus detailing the transaction and its terms, drawn up in Dutch and English, as well as a French translation of the summary of such prospectus, can be obtained free of charge as from 21 June 2017 (before opening of the stock exchange) from VGP NV’s head office, and may be consulted as from 21 June 2017 on the VGP NV website (www.vgpparks.eu) and in each branch of KBC Bank or CBC Banque, Bolero (www.bolero.be), via the Regional Advice Centres and on the website (www.kbc.be/vgp).

The proceeds of the bonds will be used to repay all outstanding debt of VGP NV under the EUR 75 million fixed rate bond maturing on 12 July 2017.


31. 05. 2017

On 12 May 2017 the Extraordinary General Shareholders’ Meeting of VGP NV approved the proposed distribution of € 1.08 per share.

The payment date for the distribution of the capital reduction has been fixed on 4 August 2017.

As of 1 August 2017 (ex date), the shares of VGP NV will be traded on Euronext Brussels ex coupon no 5. The record date will be 3 August 2017. The right to receive the payment will be represented by coupon no. 5.

The effective payment of the shareholder disbursement for registered and dematerialized shares will occur on 4 August 2017 upon presentation of coupon no. 5 at KBC Bank.


12. 05. 2017

  • Annualised committed leases increase to € 72.4 million at the end of April 2017 (+ € 8.1 million compared to 31 December 2016).
  • The weighted average term of the annualised committed leases of the combined own and Joint Venture portfolio stood at 10.1 years (compared to 10.3 years as at 31 December 2016). The own portfolio reached 13.2 years (compared 14.1 years as at 31 December 2016) and 7.7 years (compared to 7.8 years as at 31 December 2016) for the Joint Venture portfolio.
  • The signed annualised committed leases at the end of April represent a total of 1,440,594 m² (compared to 1,278,238 m² as at 31 December 2016) of lettable area of which 704,979 m² (compared to 545,715 m² as at 31 December 2016) relates to the own portfolio and 735,617 m² (compared to 732,523 m² as at 31 December 2016) to the VGP European Logistics joint venture.
  • 5 projects delivered during the first four months, representing 115,253 m² of lettable area. In addition, 24 projects under construction representing 463,258 m² of future lettable area.
  • Further expansion of land bank in Germany with the acquisition of 104,069 m² of development land. In addition, new land plots totalling 273,142 m² were secured, of which the majority, subject to obtaining the necessary permits, will be acquired in the course of the next 12 months.
  • Launch of the construction of the first building (22,980 m²) in Madrid (Spain) to occur during the month of May 2017.
  • New closing anticipated with VGP European Logistics joint venture at the end of May 2017, for a transaction value in excess € 173 million.
  • Successful placement of a new 8 year € 80 million institutional bond on 30 March 2017.
  • Agreement for the potential sale of VGP Park Nehatu reached following its full development, with proceeds to be re-invested into the development pipeline.
  • Meanwhile, VGP is working intensively on further geographical expansion.

2017 announces to be another promising and dynamic year for VGP. During the first quarter VGP continued to record a strong demand for lettable area in most of its parks and development activities continued to perform at record levels. The activities seen and undertaken by VGP during the first few month of 2017 can be summarised as follows:

  • The increase in demand of lettable area resulted in the signing of new lease contracts in excess of € 10.4 million (own and VGP European Logistics portfolio) of which € 8.8 million related to new or replacement leases (€ 2.3 million on behalf of VGP European Logistics) and € 1.6 million (€1.4 million on behalf of VGP European Logistics) were related to renewals of existing lease contracts. During the year lease contracts for a total amount of € 0.7 million were terminated.
  • The occupancy rate of the Group’s property portfolio remained stable at 98.9% as at the end of April 2017 compared to 98.8% at the end of December 2016 (including VGP European Logistics). At the end of April 2017 the occupancy rate of the own portfolio stood at 97.4% (compared to 97.0% at the end of 2016) and at 100% for VGP European Logistics (same as at the end of 2016).
  • The own investment property portfolio consists of 18 completed buildings representing 471,644 m² of lettable area whereas the Joint Venture property portfolio consists of 35 completed buildings representing 634,475 m² of lettable area.
  • At the end of April 2017, 24 buildings representing 463,258 m² of lettable area were under construction of which 5 buildings were being constructed for VGP European Logistics.
  • At the end of May 2017 another closing is expected to occur with the VGP European Logistics joint venture which should allow VGP to recycle a substantial amount of invested equity which will be mainly redeployed to expand the development pipeline.
  • VGP took advantage of the attractive financial markets’ environment to issue an additional 8 year € 80 million bond to institutional investors allowing the Group to increase its debt maturity profile and at the same time lower its weighted average cost of debt.

27. 04. 2017

Transparency declaration by Mr Bart Van Malderen

VGP NV has received a transparency notification dated 26 April 2017 that Bart Van Malderen now holds, c.q. controls, by virtue of his appointment as managing partner of VGP MISV Comm. VA, 48.03% of the voting rights of the company. Therefore, the threshold of 45% was crossed.

The notification dated 26 April 2017 contains following information:

  • Reason for notification: 
    Acquisition or disposal of the control of an entity that holds a participating interest in the issuer.
  • Notification by:
    A parent undertaking or a controlling person.
  • Persons subject to the notification requirement:
    Bart Van Malderen; Spinnerijstraat 12, 9240 Zele.
    VM Invest NV, Spinnerijstraat 12, 9240 Zele
    VGP MISV Comm. VA, Spinnerijstraat 12, 9240 Zele.
  • Date on which the threshold is crossed:
    24 April 2017.
  • Threshold that is crossed:
    45%.
  • Denominator:
    18,583,050.

 

 ShareholderPrevious notificationsAfter the transaction

Numberof voting rights

numberof voting rights

% of voting rights

Bart Van Malderen 3,545,250 3,545,250 19.08%
VM Invest NV 4,451,668 4,451,668 23.96%
Comm. VA VGP MISV 929,153 929,153 5.00%
Total 8,926,071 8,926,071 48.03%
  • Chain of controlled undertakings through which the holding is effectively held, if applicable: VM Invest NV is controlled by Mr Bart Van Malderen. Mr Bart van Malderen as managing partner of VGP MISV Comm. VA has exclusive control over VGP MISV Comm. VA.

  • Additional information: VGP MISV Comm. VA holds 5% of the shares in VGP NV which relate to an incentive program for the management of VGP NV. MISV stands for Management Incentive Scheme Vehicle. By working with a “Partnership limited by shares (“Commanditaire vennootschap op aandelen”), the economic rights of the VGP shares (of which the VGP team members are the beneficiaries) have been disconnected from the control rights exercised by the manager partner. Mr. Bart Van Malderen is the only managing partner of the Comm. VA. In application of article 11 of the Companies Code, Mr Bart Van Malderen has therefore exclusive control over VGP MISV Comm. VA. Consequently, the 929,153 shares (5%) held by VGP MISV Comm. VA are to be added to the shares controlled by Bart Van Malderen.

05. 04. 2017

Transparency declaration by Mr Bart Van Malderen

VGP NV has received a transparency notification dated 4 April 2017 that Bart Van Malderen now holds, by virtue of the sale of 766,203 shares by VM Invest NV on 3 April 2017, 43.03% of the voting rights of the company. Therefore, the threshold of 45% was crossed.

The notification dated 4 April 2017 contains following information:

Reason for notification: Acquisition or disposal of voting securities or voting rights.

Notification by: A parent undertaking or a controlling person.

Persons subject to the notification requirement: Bart Van Malderen; VM Invest NV, Spinnerijstraat 12, 9240 Zele.

Date on which the threshold is crossed: 3 April 2017.

Threshold that is crossed: 45%.

Denominator: 18,583,050.

Notified details: 

 ShareholderPrevious notificationsAfter the transaction

Numberof voting rights

numberof voting rights

% of voting rights

Bart Van Malderen 3,545,250 3,545,250 19.08%
VM Invest NV 5,159,434 4,451,668 23.96%
Total 8,704,684 7,996,918 43.03%

Chain of controlled undertakings through which the holding is effectively held, if applicable: VM Invest NV is controlled by Mr Bart Van Malderen


30. 03. 2017

VGP NV (“VGP”) has been informed that a private placement of 766,203 shares, belonging to VM Invest NV, has been successfully completed.

The 766,203 shares were placed by KBC Securities NV, with a broad base of institutional investors at the price of 60.00 euro per share, which results in a discount of 12.4% compared to yesterday’s closing price, 29 March 2017.

Trading of the VGP share on Euronext Brussels has been suspended since this morning following this private placement and will be resumed as soon as possible after the publication of this press release


30. 03. 2017

VGP NV (“VGP”) has been informed that a private placement of VGP shares belonging to VM Invest NV, will take place today. The shares will be placed with institutional investors by KBC Securities NV.

As a result, the trading in the VGP shares on Euronext Brussels will therefore be temporarily suspended today until the publication of the results of the private placement via a press release.


28. 03. 2017

VGP announces that it has successfully closed the private offer in Belgium for bonds for an amount of € 80 million.

The 3.35% bonds, with a maturity date in 2025, will be issued on 30 March 2017.

More information on this private offer is set forth in the information memorandum dated 28 March 2017, available at www.vgpparks.eu.


27. 03. 2017

VGP NV announces that it will issue bonds due 30 March 2025 for a maximum amount of € 80 million. The fixed rate of the bonds is 3.35% (gross) per year. The net yield equals 2.345% per year. The bonds will be issued in denomination of € 100,000.

The bonds will be placed with qualified investors on 28 March 2017 by means of a private placement.

The issue date is planned on 30 March 2017. The bonds will not be listed.

KBC Bank NV will act as sole manager and bookrunner for this issuance.

An information memorandum detailing the transaction and its terms, drawn up in English, can be obtained free of charge as from 28 March 2017 on the VGP NV website (www.vgpparks.eu).

The proceeds of the bonds will be used to finance the development of new projects and for the expansion of VGP NV’s land bank (and/or its affiliates), and to accelerate the realisation of the development pipeline, to the extent that these are not financed by financial institutions.


24. 03. 2017

Transparency declaration by Mr Jan Van Geet

VGP NV has received a transparency notification dated 23 March 2017 that Jan Van Geet now holds, by virtue of the acquisition of 100% of the shares of Alsgard SA on 21 March 2017, 38.3% of the voting rights of the company. Therefore, the threshold of 35% was crossed.

The notification dated 23 March 2017 contains following information:

Reason for notification: Acquisition or disposal of voting securities or voting rights.

Notification by: A parent undertaking or a controlling person.

Persons subject to the notification requirement: Little Rock SA, 25, boulevard Prince Henri, L-1724 Luxembourg; Alsgard SA, 25, boulevard Prince Henri, L-1724 Luxembourg; Jan Van Geet.

Date on which the threshold is crossed: 21 March 2017.

Threshold that is crossed: 35%.

Denominator: 18,583,050.

Notified details:

 ShareholderPrevious notificationsAfter the transaction

Numberof voting rights

numberof voting rights

% of voting rights

Little Rock SA 4,699,187 4,707,752 25.33%
Jan Van Geet 8,565 0 0%
Alsgard SA 2,349,593 2,409,914 12.97%
Total 7,057,345 7,117,666 38.30%

Chain of controlled undertakings through which the holding is effectively held, if applicable: Little Rock SA (previously JVG Invest SA) is exclusively controlled by Mr Jan Van Geet. Mr Jan Van Geet has acquired the exclusive control over Alsgard SA.

Additional information: Mr Jan Van Geet has acquired all of the shares of Alsgard SA, which itself holds 2,409,914 shares (12.97%) in VGP NV. Since the last transparency declaration,
Alsgard SA acquired all the shares (60,321) of VGP NV held by Jan Prochazka. Consequently, Mr Jan Van Get now holds indirectly through Little Rock SA and Alsgard SA 7,117,666 shares of VGP NV.


24. 03. 2017

Transparency declaration by Mr Jan Prochazka

VGP NV has received a transparency notification dated 23 March 2017 that Jan Prochazka, by virtue of the sale of 100% of the shares of Alsgard SA on 21 March 2017, no longer holds any shares of VGP NV. Therefore, the threshold of 3% was crossed downward.

The notification dated 23 March 2017 contains following information:

Reason for notification: Acquisition or disposal of voting securities or voting rights, downward crossing of the lowest threshold.

Notification by: A person that notifies alone.

Persons subject to the notification requirement: Jan Prochazka.

Date on which the threshold is crossed: 21 March 2017.

Threshold that is crossed: 3%.

Denominator: 18,583,050.

Notified details: Not applicable

Chain of controlled undertakings through which the holding is effectively held, if applicable: Not applicable

Additional information: Mr Jan Prochazka has sold all of the shares in Alsgard SA, which itself holds 2,409,914 shares (12.97%) in VGP NV, to Mr Jan Van Geet. Mr Jan Van Geet now has the exclusive control over Alsgard SA. 


24. 02. 2017

  • Profit for the year of € 91.3 million (+ € 4.7 million against 2015)
  • 69.3% increase of annualised committed leases to € 64.3 million[1] (+ € 26.3 million compared to 31 December 2015) with an additional € 1.9 million[2] lease contracts being signed during the first weeks of 2017
  • The weighted average term of the annualised committed leases of the combined own and Joint Venture portfolio stood at 10.3 years at the year-end (7.5 years as at 31 December 2015). The own portfolio reached 14.1 years and 7.8 years for the Joint Venture portfolio
  • The signed annualised committed leases at year end represent a total of 1,278,238 m² of lettable area of which 545,715 m² relates to the own portfolio and 732,523 m² to the VGP European Logistics joint venture
  • 14 projects delivered during the year representing 268,945 m² of lettable area. In addition, 17 projects under construction representing 381,041 m² of future lettable area
  • Strong entrance into the Spanish market with the acquisition of a state of the art brand new 185,000 m² warehouse (let under a long term lease contract) located in Barcelona and the acquisition of around 400,000 m² of development land in Madrid and Barcelona representing an aggregate investment of circa € 195 million
  • The acquisition of new development land during the year totalled 1,166,000 m² (including Spain) to support the development pipeline
  • Following the establishment of the 50/50 VGP European Logistics joint venture with Allianz Real Estate and the first closing at the end of May 2016 a second closing occurred at the end of October 2016 for a transaction value in excess of € 80 million
  • Net valuation gain on the investment portfolio reaches € 118.9 million (compared to € 104.0 million at the end of December 2015)
  • Successful placement of a new 7 year € 225 million retail bond on 22 September 2016
  • The Board of Directors has decided to convene an Extraordinary Shareholders’ Meeting[3] to propose a capital reduction in cash of € 20 million (€ 1.08 per share)

[1] Including VGP European Logistics (joint venture with Allianz Real Estate). As at 31 December 2016 the annualised committed leases for VGP European Logistics stood at € 38.6 million.
[2] Including € 1.2 million annualised committed leases contracted for VGP European Logistics
[3] The Extraordinary Shareholders’ Meeting is planned to be held on the date as the next General meeting of shareholders i.e. 12 May 2017.

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21. 12. 2016

The pan-European investment and property Group VGP announces the acquisition of a large development land plot in San Fernando de Henares located close to the Madrid Barajas International airport.

The transaction consists in the acquisition of 223,000 m² of new development land on which VGP will be able to develop around 140,000 m² of new lettable area for future tenants.

Jan Van Geet, CEO of VGP, comments: “We are very happy to have been able to acquire a prime development location in Madrid and are keen to start our first developments during 2017. With the acquisition of the development land in San Fernando de Henares together with the acquisition of the logistics centre and surrounding industrial land plots in the Mango Logistics Park in Lliçà d’Amunt (Barcelona) announced yesterday, VGP now disposes of two very attractive development locations in the two main cities it targeted when entering the Spanish market.”


20. 12. 2016

  • Acquisition from the fashion Group Mango of a state of the art brand new 180,000 m² logistics building (extendable to circa 260,000 m²) and lease back to Mango of this facility under a long term lease agreement; and,
  • Acquisition of around 150,000 m² of additional development land

The pan-European investment and property Group VGP announces the acquisition of the logistics centre and industrial land plots in Mango Logistics Park in Lliçà d’Amunt (Barcelona, Spain).

The transaction consists in the acquisition of a state of the art brand new logistics building and the acquisition of additional development land. The initial transaction value is in excess of EUR 150 million.

The international fashion Group Mango, with headquarters north of Barcelona, will rent back the logistics building from VGP under a 30 years lease agreement. The construction of one of the most modern logistics buildings in Europe with an initial lettable area of around 180,000 m² is currently coming to completion and will become fully operational as from the beginning of 2017. The Mango building allows for further extension possibilities to develop around 80,000 m² of additional lettable area during the future years. Once fully developed the Mango building will represent circa 260,000 m² of logistics building and office space.

In addition to the Mango building, VGP is acquiring around 150,000 m² of additional development land on which VGP will be able to develop approximately 100,000 m2 of new lettable area for other potential tenants in the near future.

Mango using one-of-a-kind logistics technology

The Mango Logistics centre incorporates the latest technology and logistics robotics capable of handling 75,000 clothing units per hour and streamlining all the logistics processes of the Mango Group. This centre will supply the entire Mango network worldwide which consists of more than 2,200 retail outlets in 110 countries.

Jan Van Geet, CEO of VGP, comments: “We are very happy to start a long term partnership with Mango. Mango has a long Spanish history and has decided to serve their entire network from here. This is a competitive logistic challenge. We are happy to support them in establishing a logistics centre which is fully capable to provide all necessary structure and tools. At the same time, the acquired extra development land will allow VGP to develop additional buildings located on a top location in Barcelona.”

Daniel López, Executive Vice-President of Mango, adds: “VGP with their long experience as investor and developer of industrial and logistics parks is the perfect partner for Mango. It is a Win-Win deal with both partners focusing on their core competencies.”

Preserving the environment

During the construction of the Mango Industrial Park, the entire excess soil originating from the construction work was redeployed within the industrial park to avoid transport and waste disposal. In addition, the completed park will have a rain management system to re-use rain water. As part of the development, a 10,000 m³ mill pond was created in accordance with technical criteria which favours biodiversity and microhabitats together with 395,000 m² of green zones with native low water consumption for indigenous trees and plants. Finally, there is a remote management of lighting conditions with point to point regulation, and a low consumption lighting system in place.

For more information:
Jan Van Geet
CEO
Tel. + 420 602 404 790
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Dirk Stoop
CFO
Tel. +32 52 45 43 86
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.


07. 11. 2016

The investment and property group VGP has concluded a new long-term lease agreement with Amazon for its industrial park Frankenthal located in the Rhineland-Palatinate region (Germany). The e-commerce company will rent a fulfilment centre covering approximately 60,000 m² of warehouse and ancillary office space that is exclusively developed by VGP. Once completed, the facility will be one of the most modern high-tech fulfilment centres in Europe.

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07. 09. 2016

VGP NV announces that it makes a public offer in Belgium of retail bonds due 21 September 2023 for an expected amount of minimum € 150 million and maximum € 225 million.

The fixed rate of the bonds is 3.90% (gross) per year. The net yield equals 2.847% per year.

The bonds will be issued in denomination of € 1,000. The subscription period runs from 9 September 2016 until and including 15 September 2016, subject to early closing. The issue date is planned on 21 September 2016. Application has been made for the bonds to be listed on the regulated market
Euronext Brussels and to be admitted to trading on the regulated market of Euronext Brussels.

KBC Bank NV will act as sole manager and bookrunner for this issuance.

A full prospectus detailing the transaction and its terms, drawn up in Dutch and English, as well as a French translation of the summary of such prospectus, can be obtained free of charge as from 7 September 2016 (before opening of the stock exchange) from VGP NV’s head office, and may be
consulted as from 7 September 2016 on the VGP NV website (www.vgpparks.eu) and in each branch of KBC Bank or CBC Banque, Bolero (www.bolero.be),
via the Regional Advice Centres and on the website (www.kbc.be/vgp).

The proceeds of the bonds will be used to finance the development of new projects in our new market Spain, to finance the purchase of a logistics project in Barcelona consisting of an income generating property leased to a blue chip tenant and additional development land on a prime location (for € 100 million in total), and furthermore to finance the development of new projects on development land (for the remaining € 150 million).


22. 08. 2016

  • Profit for the period of € 42.7 million (+ € 10.5 million compared to 30 June 2015)
  • 18.6% increase of committed annualised rental income to € 45.0 million[1] (+ € 7.0 million compared to 31 December 2015)
  • 87.5% growth in gross rental income (+ € 6.1 million) to € 13.1 million
  • The signed committed lease agreements represent a total of 865,855 m² [2] of lettable area with the weighted average term of the committed leases standing at 7.4 years as at the end of June 2016 (7.5 years as at 31 December 2015)
  • 7 projects delivered during the first half of 2016 representing 139,955 m² of lettable area
  • In addition 17 projects under construction representing 384,612 m² of future lettable area
  • 597,000 m² of new development land plots acquired and 600,000 m² new land plots under option to support the development pipeline and which are expected to be acquired during the second half of 2016
  • Net valuation gain on the investment portfolio reaches € 65.1 million (against € 48.1 million at the end of June 2015)
  • Establishment of a 50/50 joint venture (VGP European Logistics) with Allianz Real Estate and acquisition by the joint venture of the initial seed portfolio consisting of 15 parks from VGP for a transaction value in excess of € 500 million
  • During the second half of the year there are a number of large transactions in the pipeline, which, if successfully completed, will have a significant positive impact on the annualised rental income and the weighted average term of the committed leases

[1] Including VGP European Logistics (joint venture with Allianz Real Estate). As at 30 June 2016 the committed annualised rent income for VGP European Logistics stood at € 33.6 million.
[2] Including VGP European Logistics. As at 30 June 2016 the committed lease agreements of VGP European Logistics represent 655,568 m² of lettable area having a weighted average term of 7.5 years.

Summary

During the first half of 2016 VGP continued to perform strongly with development and leasing activities breaking previous record levels.

In order to sustain its growth over the medium term VGP entered into a 50/50 joint venture with Allianz Real Estate (VGP European Logistics) during the first quarter of 2016. The new joint venture will have an exclusive right of first refusal in relation to acquiring the income generating assets developed by VGP and located in Germany, the Czech Republic, Slovakia and Hungary. VGP will continue to service the joint venture as asset-, property- and development manager.

At the end of May 2016, VGP European Logistics completed the acquisition of the initial seed portfolio from VGP which consisted of 15 parks located in Germany (8 parks), the Czech Republic (4 parks), Slovakia (1 park) and Hungary (2 parks) and comprised 28 logistic and semi-industrial buildings which are almost 100% occupied and are of high quality having for the majority been built over the last two years

The acquisition of the initial seed portfolio marks the start of a long term venture with Allianz Real Estate in Germany, the Czech Republic, Slovakia and Hungary. It is the intention of both partners to grow their venture exponentially in the near future.

During the first half of 2016 VGP’s activities can be summarised as follows:

  • The operating activities resulted in a net profit of € 42.7 million (€ 2.30 per share) for the period ended 30 June 2016 compared to a net profit of € 32.2 million (€ 1.73 per share) as at 30 June 2015.
  • The net profit included the adverse effects of the long term interest rates which after the Brexit fell to bottom level and which resulted in an unrealised loss on interest rate derivatives of € 6.4 million as at 30 June 2016.
  • The increase in demand of lettable area resulted in the signing of new lease contracts in excess of € 9.0 million in total of which € 7.0 million related to new leases and € 2.0 million related to the renewal of existing leases.
  • The Group’s property portfolio reached an occupancy rate of 97.8% at the end of June 2016 (including the VGP European Logistics joint venture) compared to 97.3% at the end of December 2015. The occupancy rate of the VGP European Logistics joint venture’s portfolio reached 99.2% at the end of June 2016.
  • The investment property portfolio currently consists of 10 completed buildings representing 130,321 m² of lettable area with another 17 buildings under construction representing 384,612 m² of lettable area.
  • Besides this VGP partially owns through its VGP European Logistics joint venture another 31 buildings[1] which represent 561,306 m² of lettable area and for which asset-, property and facility management services are provided by the VGP Group.
  • The net valuation of the property portfolio as at 30 June 2016 included a EUR 22.1 million realised valuation gain on the disposal of the property portfolio to the VGP Europe Logistics joint venture (jointly held with Allianz Real Estate) of which the first closing took place on 31 May 2016.
  • Following the completion of the acquisition of the initial seed portfolio by the VGP European Logistics joint venture, the board of directors approved the redemption on 1 June 2016 of all issued hybrid securities against a price equal to the issue price (in total € 60 million) plus the interest accrued (€ 3.0 million) from the issue date of each Security, after complying with the conflict of interest procedure in accordance with article 523 of the Belgian Companies Code.

Gross rental income up 87.5% to € 13.1 million

The gross rental income reflects the full impact of the income generating assets delivered during 2016 and the deconsolidation of VGP European Logistics portfolio. This newly established joint venture with Allianz Real Estate acquired 15 parks from VGP at the end of May 2016. The gross rental income for the period ending 30 June 2016 increased by 87.5% to 13.1 million compared to € 7.0 million for the period ending 30 June 2015 compared to € 6.7 million for the period ending 30 June 2015.

The gross rental income of the VGP European Logistics portfolio for the period January 2016 to 31 May 2016 was EUR 9.4 million.

Committed annualised rental income increases to € 45.0 million

Supported by the continued increase in demand for lettable space in almost all of its markets VGP signed 29 new leases during the first half year. These contracts represent in total more than € 9.0 million annualised rental income of which € 7.0 million (19 lease agreements) relate to new leases and € 2.0 million (10 lease agreements) relate to the renewal of existing leases.

The annualised committed leases therefore increased to € 45.0 million[1] as at the end of June 2016 (compared to € 38.0 million as at 31 December 2015).

Germany was the main driver of the growth in committed leases with € 4.9 million of new leases signed during the first half year. Meanwhile, final contract negotiations are on-going with several blue chip retailers which, when closed, will have a significant positive impact on the weighted average lease term and the committed annual rental income.

The other countries also performed very well with new leases being signed in the Czech Republic + € 1.4 million, in Slovakia + € 1.1 million, in Estonia + € 1.1 million and finally in Romania + € 0.5 million. In Spain two major transactions are currently in final negotiations which, if materialised, will have a significant impact on the Group’s annualised rental income and balance sheet.

The signed committed lease agreements (including VGP European Logistics) represent a total of 865,855 m² [2] of lettable area with the weighted average term of the committed leases standing at 7.4 years[3] as at the end of June 2016 compared to 7.5 years as at 31 December 2015.

Property and facility management income reaches € 0.7 million

The property and facility management income reached € 0.7 million for the period compared to € 1.3 million for the period ending June 2015.

The decrease in the property and facility management income is mainly due to the termination of the property and facility management agreement with P3 in October 2015. The asset management, property management and development management activities will result in an increased contribution to the result of the VGP Group benefitting from the growth of the joint venture’s real estate portfolio.

Net valuation gain on the property portfolio reaches € 65.1 million

As at 30 June 2016 the net valuation gains on the property portfolio reaches € 65.1 million against a net valuation gain of € 48.1 million per 30 June 2015.

On 31 May 2016 the VGP European Logistics joint venture completed the acquisition of 15 parks (Seed portfolio) from VGP which comprised 28 logistic and semi-industrial buildings. The transaction resulted in an additional realised valuation gain of € 22.1 million.

The trend of increasingly lower yields maintained in real estate valuations continued to persist during the first half of 2016. However due to the change of portfolio mix, following the divestment of the seed portfolio to VGP European Logistics, the own property portfolio, excluding development land, is being valued by the valuation expert at 30 June 2016 based on a weighted average yield rate of 7.71% (compared to 7.02% as at 31 December 2015 and 7.42% as at 30 June 2015) applied to the contractual rents increased by the estimated rental value on un-let space.

The (re)valuation of the own portfolio was based on the appraisal report of Jones Lang LaSalle.

Share in the result of joint ventures and associates

As at 30 June 2016 the share in the joint ventures and associates recorded a negative balance of € 3.3 million which was mainly driven by a € 2.2 million negative fair value on interest rate derivatives.

Net financial expenses reach € 14.6 million

For the period ending 30 June 2016, the financial income was € 0.6 million (€ 3.1 million as at 30 June 2015) and included € 0.5 million interest income on loans granted to VGP European Logistics and a € 0.1 million unrealised gain on interest rate derivatives (€ 3.0 million as at 30 June 2015).

The reported financial expenses as at 30 June 2016 are mainly made up of € 6.5 million interest expenses related to financial debt (€ 5.0 million as at 30 June 2015), € 6.4 million unrealised losses on interest rate derivatives, € 2.6 million other financial expenses (€ 1.5 million as at 30 June 2015) mainly relating to the amortisation of the transactions costs of the 2 bonds issued during 2013 and the additional financial costs incurred in respect from the sale the initial seed portfolio to VGP European Logistics, € 0.1 million of net foreign exchange losses (compared to € 0.1 million net foreign exchange gains as at 30 June 2016) and a positive impact of € 0.5 million (€ 1.0 million per 30 June 2015) related to capitalised interests.

As a result the net financial expenses reached € 14.6 million as at 30 June 2016 compared to € 2.5 million as at 30 June 2015.

Shareholder loans to VGP European Logistics amounted to € 107.5 million as at 30 June 2016 of which € 99.8 million was related to financing of the buildings under construction and development land held by the VGP European Logistics joint venture. Under the joint venture agreement VGP European Logistics has an exclusive right of first refusal in relation to acquiring the income generating assets developed by VGP and located in Germany, the Czech Republic, Slovakia and Hungary. Consequently these assets have been classified as investment properties (Disposal group held for sale) using the accounting principles applicable to Investment Properties.

The gearing ratio[1] of the Group remains conservative and stood at 23.5% at the end of June 2016 compared to a gearing level of 35.7% as at 31 December 2015.

Evolution of the property portfolio

The fair value of the own investment property decreased with 38.7% from € 677.1 million[2] as at 31 December 2015 to € 415.1 million as at 30 June 2016 mainly driven by the divestment of the income generating assets to the VGP European Logistics joint venture.

 Completed projects

During the first half of 2016, 7 building were completed totalling 139,955 m².

These buildings were delivered in following locations. In Germany: 2 buildings totalling 68,129 m² in VGP Park Rodgau and 1 building of 15,065 m² in VGP Park Hamburg. In the other countries: 1 building of 3,840 m² in VGP Park Plzen (Czech Republic), 1 building of 12,665 m² in VGP Park Malacky (Slovakia), 1 building of 17,565 m² in VGP Park Timisoara (Romania) and finally 1 building of 22,892 m² in VGP Park Alsonemedi (Hungary).

Projects under construction

At the end of June 2016 VGP has the following 10 new buildings under construction for its own account: In Germany: 1 building in VGP Park Soltau, 1 building in VGP Park Berlin and 1 building in VGP Park Leipzig. In the Czech Republic: 1 building in VGP Park Tuchomerice, 2 buildings in VGP Park Cesky Ujezd, 1 building in VGP Park Liberec and 1 building in VGP Park Olomouc. In the other countries: 1 building in VGP Park Nehatu (Estonia) and finally 1 building in VGP Park Timisoara (Romania). The new buildings under construction on which several pre-leases have already been signed, represent a total future lettable area of 212,836 m².

For the VGP European Logistics joint venture, VGP was developing and hence pre-financing 7 new buildings at the end of June 2016:

In Germany: 2 buildings in VGP Park Hamburg, 1 building in VGP Park Rodgau, 1 building in VGP Park Frankenthal and 1 building in VGP Park Bobenheim-Roxheim. In the other countries: 1 building in VGP Park BRNO (Czech Republic) and finally 1 building in VGP Park Malacky (Slovakia). The new buildings under construction on which also several pre-leases have already been signed, represent a total future lettable area of 171,776 m².

The aforementioned projects will be part of a second closing with VGP European Logistics which will occur during the fourth quarter of 2016.

Land bank

During the first half year of 2016, VGP continued to target land plots to support the development pipeline for future growth. In 2016, VGP already acquired 597,000 m² of new development land of which 333,000 m² was located in Germany and 264,000 m² located in the Czech Republic. These new land plots allow VGP to develop approximately 278,000 m². Besides this VGP has another 600,000 m² of new land plots under option which are located in Spain and Slovakia. These land plots have a development potential of approx. 428,000 m² of new lettable areas. These remaining land plots are expected to be acquired, subject to permits, during the course of 2016.

VGP has currently a land bank in full ownership of 2,318,588 m². The land bank allows VGP to develop besides the current completed projects and projects under construction a further 651,000 m² of lettable area of which 351,000 m² in Germany, 217,000 m² in the Czech Republic, and 83,000 in the other countries.

Hybrid securities

Following the completion of the acquisition of the initial seed portfolio by the new joint venture with Allianz Real Estate at the end of May 2016 (VGP European Logistics); the board of directors approved the redemption of all issued hybrid securities against a price equal to the issue price (in total € 60 million) plus the interest accrued (€ 3.0 million) from the issue date of each Security, after complying with the conflict of interest procedure in accordance with article 523 of the Belgian Companies Code. The redemption took place on 1 June 2016.

Risk Factors

The overview of the most significant risks to which the VGP Group is exposed to can be found on page 42 to 43 of the Annual Report 2015. These risks remain actual and valid and will continue to apply for the remainder of the financial year.

Outlook 2016

Based on the positive trend in the demands for lettable area recorded by VGP during 2016, and provided there are no unforeseen events of economic and financial markets nature, VGP should be able to continue to substantially expand its rent income and property portfolio through the completion and start-up of additional new buildings.

During the second half of 2016 VGP will continue to review its sources of funding and funding strategy in order to enable the Group to continue to invest in the expansion of the land bank to support its development activities as well as to maximise shareholder value.



01. 03. 2016

VGP enters into 50/50 joint venture with Allianz Real Estate at the end of February 2016

  • The new joint venture will act as an exclusive take-out vehicle of the income generating assets developed by VGP and located in Germany, the Czech Republic, Slovakia and Hungary
  • The initial seed portfolio is being acquired by the joint venture at current market prices
  • Initial transaction value is in excess of € 500 million
  • The joint venture partners target to grow the joint venture exponentially (> € 1.5 billion) by exclusively acquiring income generating assets developed by VGP in the aforementioned geographic areas
  • This transaction ends a 24 month strategic exercise of VGP and will have a significant impact on the structure and evolution of the VGP Group for the future
  • VGP will continue to service the joint venture as asset-, property- and development manager
  • With Allianz Real Estate, VGP attracts a long term investor who thinks real estate throughout the economic cycles and which has the necessary financial resources to co-invest in the expansion of the logistic and semi-industrial real estate portfolio
  • The transaction allows VGP to further concentrate on its core development activities aimed at optimising shareholder value, without having to tap the capital markets

VGP’s Annual Results 2015 – A record year

  • Net profit for the year of € 86.6 million (+ € 37.2 million against 2014)
  • 68.2% increase of committed annualised rent income to € 38.0 million as at the end of December 2015 (compared to € 22.6 million as at 31 December 2014), with an additional € 2.0 million lease contracts being signed during the first weeks of 2015
  • The signed committed lease agreements at year end represent a total of 709,124 m² of lettable area with the weighted average term of the committed leases standing at 7.5 years at the end of December 2015 (7.8 years as at 31 December 2014)
  • 77.9% growth in gross rental income (+ € 7.5 million) to € 17.1 million
  • 18 projects delivered during the year representing 279,861 m² of future lettable area
  • 14 projects under construction representing 272,334 m² of future lettable area
  • 704,000 m² of new development land acquired during the year with another 1,042,000 m² land plots targeted and already partially committed to expand land bank and support development pipeline
  • Establishment of presence in Spain with the opening of a new office in Barcelona and with first substantial (223,000 m²) land plot secured and to be acquired subject to permits, allowing to potentially develop circa 179,000 m² of lettable area
  • Net valuation gain on the investment portfolio reaches € 104.0 million (against € 53.9 million at the end of 2014) The fair value of the investment property and the investment property under construction (the “property portfolio”) as at 31 December 2015 increased with 62.7% to € 677.1 million (compared to € 416.1 million as at 31 December 2014)
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02. 03. 2015

  • Profit for the year of € 49.4 million (+ € 25.1 million against 2013)
  • 117.4% increase of committed annualised rent income to € 22.6 million as at the end of December 2014 (compared to € 10.4 million as at 31 December 2013), with an additional
  • € 1.3 million lease contracts being signed during the first weeks of 2015 and a further € 6.8 million lease agreements being under final negotiations
  • 108.0% growth in gross rental income (+ € 5.0 million) to € 9.6 million
  • The signed committed lease agreements at year end represent a total of 404,732 m² of lettable area with the weighted average term of the committed leases standing at 7.8 years at the end of December 2014 (7.6 years as at 31 December 2013)
  • 14 projects under construction representing 171,455 m² of future lettable area, with 3 additional projects (45,950 m²) being started-up during Q1-2015
  • 943,000 m² of new development land acquired of which 842,000 m² located in Germany with another 863,000 m² land plots targeted and already partially committed to expand land bank and support development pipeline
  • Net valuation gain on the investment portfolio reaches € 53.9 million (against € 27.9 million at the end of 2013)
  • The fair value of the investment property and the investment property under construction (the "property portfolio") as at 31 December 2014 increased with 84.3% to € 416.1 million (compared to € 225.8 million as at 31 December 2013
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21. 03. 2014

  • Profit for the year of € 24.3 million (+ € 12.7 million against 2012)
  • 50.2% growth in gross rental income (+ € 1.5 million) to € 4.6 million
  • 106.5% increase of committed annualised rent income to € 10.4 million as at the end of December 2013 (compared to € 5.0 million as at 31 December 2012)
  • The signed committed lease agreements represent a total of 206,572 m² of lettable area with the weighted average term of the committed leases standing at 7.6 years at the end of December 2013 (9.8 years as at 31 December 2012)
  • 11 projects under construction representing 152,514 m² of future lettable area, with 3 additional projects (32,210 m²) started-up after the end of December 2013
  • 958,000 m² of new development land acquired of which 803,000 m² located in Germany with another 769,000 m² land plots (705,000 m² located in Germany) targeted and already partially committed to expand land bank and support development pipeline
  • Net valuation gain on the investment portfolio reaches € 27.9 million (against € 12.3 million at the end of 2012)
  • The fair value of the investment property and the investment property under construction (the "property portfolio") as at 31
  • December 2013 increased with 122.2% to € 225.8 million (compared to € 101.6 million as at 31 December 2012)
  • Acquisition of the Czech facility manager SUTA s.ro.
  • Successful placement of 2 bonds i.e. on 12 July 2013 of 75 million bond
  • Distribution of a € 7.6 million capital reduction (€ 0,41 per share) to the shareholders on 16 January 2014
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19. 03. 2012

  • Group debt free1 at year end in respect of bank and shareholder loans
  • > 84,000 m² of new leases signed in 2011 representing € 4.6 million of committed annualised rent income
  • Operating result (before result on portfolio) for the period of € 12.2 million versus € 9.1 million (on a like for like basis2)
  • Net profit for the period of € 12.9 million after impact of VGP CZ I and VGP CZ II transactions
  • 12 projects under construction representing 110,487 m² of future lettable area
  • > 741,000 m² of new land plots already committed to expand land bank and support the future development pipeline, of which 311,000m² were already bought during the second half of 2011
  • Completion of the sale of an 80% equity interest in VGP CZ I and VGP CZ II during 2011
  • Conclusion of a binding agreement with East Capital to sell the newly built logistics property of 40,000 m² located in Tallinn (Estonia) and conclusion of a second agreement with Property Investors Special Opportunities, L.P. (EPISO) for the sale of an 80% equity interest in VGP CZ IV a.s. The aggregated transaction value is in excess of € 30 million
  • The Board of Directors has decided to convene an Extraordinary Shareholders' Meeting3 to propose a further capital reduction in cash of € 15 million (€ 0.81 per share)

[1] On a net debt basis which is measured as: (Outstanding bank debt + shareholder loans) minus cash
[2] VGP CZI and VGP CZ II were de-consolidated during 2011. Therefore for comparative purposes the figures as at 31 December 2010 were amended in order to include VGP CZ I only until16 March 2010 and VGP CZ II until 9 November 2010.
[3] The Extraordinary Shareholders' Meeting is planed to be held on the date as the next General meeting of shareholders i.e. 11 May 2012.

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21. 03. 2011

  • Net profit for the period of EUR 26.4 million (+ EUR 25.2 million)
  • >130,000 m² of new leases signed resulting in a committed annualised rent income of EUR 36.6 million (+ EUR 7.4 million)
  • 98.8% occupancy rate for the Group's property portfolio amounts with the Czech portfolio reaching an occupancy rate of 99.4%
  • 31.5% growth in gross rental income (+ EUR 6.8 million) to EUR 28,6 million
  • 5 new projects completed resulting in a 7.7% growth in total lettable area (+ 41,064 m²)to 576,936 m², 6 new projects under construction
  • 43.7% growth in operating result (before result on portfolio) (+ EUR 7.8 million)to EUR 25.5 million
  • Completion of the sale of an 80% interest in 6 of its 19 VGP parks after year-end,announced by the separate press release of 16 March 2011
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04. 03. 2010

VGP achieves record growth

Occupancy rate and rent prices remaining stable
  • 14 new projects completed resulting in a 52.4% growth in total lettable area (+ 184,211m²) to 535,872m²
  • 80.5% growth in gross rental income (+ EUR 9.7 million) to EUR 21.7 million
  • 110.2% growth in operating result (before result on portfolio) (+ EUR 9.3 million) to EUR 17.8 million
  • Committed annualised rent income increased to EUR 29.2 million
  • Net profit for the period of EUR 1.2 million despite a EUR 22.6 million adverse valuation effect on the "historic" property portfolio
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19. 03. 2009

  • 116.6% growth in gross rental income (+ EUR 6.5 million) to EUR 12.0 million
  • Committed annualised rent income increased to EUR 26.5 million (+EUR 11.5 million)
  • 75.0% growth in property portfolio (+ EUR 168.9 million) to EUR 394.0 million
  • 99.1% growth in total lettable area (+ 175,047m²) to 351,661m²
  • Net profit for the period of EUR 28.6 million despite a EUR 10.5 million adverse valuation effect on the historic property portfolio and including a EUR 7.1 million unrealised losses on hedging instruments (as per IAS 39)
  • Earnings per share for the period of EUR 1.54
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