VGP’s Half Year Results 2023

 Regulated information - Inside information

24 August 2023, 7:00am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, today announces the results for half-year ended 30 June 2023:

  • € 36.2 million worth of signed and renewed lease agreements during 1H'23, bringing total committed annualised rental income to 328.1 million (+8.2% YTD)1. On a look through basis, net rental and renewable energy income increased 60% to € 75.62 million year over year.
  • Strong net cash recycling of € 267.9 million as a result of two closings with Allianz Joint Ventures and further recycling of + € 450 million expected through seed portfolio closing with new Deka Joint Venture in Q3 ‘23
  • A pre-tax profit of € 48.6 million, reflecting € 33.5 million of net rental and renewable energy income (+96% YoY) and € 45.5 net valuation gains on the portfolio
  • As at 30 June 2023, a total of 732,000 m2 under construction through 24 projects representing € 50.6 million in additional annual rent once fully built and let (90.7% pre-let, versus market average of cca 50%3)
    • 236,000 m2 of projects started up in 1H’23 pre-let at 81.5%, representing € 17 million of rental income once fully built and let
    • Delivered 13 projects representing 317,000 m2 during 1H’23, 97.2% let and representing € 18.7 million of rental income once fully let
    • Total completed assets4 represent 4.621.000 m2 or 207 buildings, are 98.8% let and have an average age of only 3.7 years
  • Repaid € 150 million of bonds in April ’23. Additional bond repayments of € 225 million in September ’23 will be covered by further Joint Venture cash recycling

VGP’s Chief Executive Officer, Jan Van Geet, said: “It has been an eventful and productive first half of the year, marked by a considerable € 36.2 million of annualized committed rental growth. We are pleased to have welcomed numerous new tenants to our portfolio whilst successfully executing multiple transactions with our existing Joint Venture partners. Moreover, we are witnessing a decline in construction prices which allows us to initiate new constructions at favourable margins.”

Jan Van Geet, continued: “I believe many have been waiting for an update on the broadening of our Joint Venture model and I am convinced that with Deka we have found comparable DNA to sustain a long term 50:50 partnership. By the end of Q3 a first closing comprising over € 700 million of gross asset value will materialize and by Q3 ’24 the entire portfolio, totalling over € 1.1 billion, will have transferred into the joint venture allowing VGP to recycle over € 700 million of cash. The joint venture will be managed by VGP in a similar way to our existing Joint Ventures and as I have been told, the transaction forms the largest of Europe in its class year to date. In these times, I believe I can proudly state that this is a testament to the resilient quality of our portfolio.”

Jan Van Geet, concluded: “As expected, the real estate industry’s recent shake-up on the back of rising interest rates has revealed a multitude of opportunities, and we are ready to capitalize on them. As such, VGP has signed exclusivity on a number of iconic industrial sites on absolute top locations. In this respect, our solid balance sheet and transactions with existing and new Joint Ventures facilitates us to recycle cash to sustain continuous growth. A prospect I am indeed very excited about and look forward to report upon as we progress.”


  Operations and results 1H 2023 1H 2022 Change (%)
Committed annualised rental income (€mm) 328.1 281.1 16.72%
IFRS Operating profit (€mm) 56.7 190.5 (70.24%)
IFRS net profit (€mm) 34.7 153.1 (77.34%)
IFRS earnings per share (€ per share) 1.27 7.01 (81.88%)
Portfolio and balance sheet 30 Jun 23 31 Dec 22 Change (%)
Portfolio value, including joint venture at 100% (€mm) 6,759 6,443 4.90%
Portfolio value, including joint venture at share (€mm) 4,773 4,605 3.65%
Occupancy ratio of standing portfolio (%) 98.8 98.9 -
EPRA NTA per share (€ per share)5 82.05 84.35 (2.72%)
IFRS NAV per share (€ per share) 79.21 80.69 (1.83%)
Net financial debt (€mm) 1,852 1,669 10.96%
Gearing6(%) 40.1% 34.4 -


VGP will host a webcast at 10:30 (CET) on 24 August 2023

Webcast link:

  • Click on the link above to attend the presentation from your laptop, tablet or mobile device. The webcast will stream through your selected device.
  • Please join the webcast 5-10 minutes prior to the start time

A presentation will be available on VGP website:


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


VGP is a pan-European developer, manager and owner of high-quality logistics and semi-industrial real estate. VGP operates a fully integrated business model with capabilities and longstanding expertise across the value chain. The company has a development land bank (owned or committed) of 11.31 million m² and the strategic focus is on the development of business parks. Founded in 1998 as a Belgian family-owned real estate developer in the Czech Republic, VGP with a staff of circa 371 FTEs today and 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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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.

1   Compared to 31 December 2022 and inclusive of Joint Ventures at 100%

2    See note ‘income statement, proportionally consolidated’

3   Based on Jones Lang Lasalle market analysis

4   Of which 3.174.000 m2, or 154 buildings in JVs and 1.447.000 m2 or 53 buildings in OWN portfolio

5        See note 9.2

6     Calculated as Net debt / Total equity and liabilities





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